Buy Dogecoin Now? Analyst Believes DOGE Is Primed For A Surge

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	21,540,422,441	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

21,540,422,441

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00103	0.69%	0.15074	0.15074	0.15075

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00103

0.69%

0.15074

0.15075

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.15088	0.14937	0.14963	0.14971	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.15088

0.14937

0.14963

0.14971

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	04:39:27	364.90	0.15074	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

04:39:27

364.90

0.15074

USD

Price x Volume	Volume	Base Symbol	Related Pairs
8,769,281.47	58,443,223.80	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

8,769,281.47

58,443,223.80

Buy Dogecoin Now? Analyst Believes DOGE Is Primed For A Surge

02/05/2024 8:15am

NEWSBTC

In an analysis shared via X, crypto analyst Ali Martinez elaborated on the ongoing price correction of Dogecoin (DOGE), positing that it is a consistent precursor to major bull runs, drawing on historical patterns to forecast future price movements. Martinez’s commentary centers on the chart pattern known as the “descending triangle.” This is a bearish formation that occurs when the price follows a downward trendline intersecting a flat support line. Typically, this pattern indicates a continuation of a downward trend, but in the context of Dogecoin, Martinez suggests it precedes significant bullish breakouts. “The ongoing Dogecoin price correction is part of its usual behavior before massive bull runs! Let’s dive in,” Martinez shared. He explained the historical significance of this pattern in Dogecoin’s trading history: “In 2017, DOGE broke out of a descending triangle. Then, DOGE retraced by 40% before entering a 982% bull run!” Related Reading: Machine Learning Algorithm Predicts Dogecoin Price For May 2024 Martinez further analyzed more recent cycles to reinforce his observations, “In 2021, DOGE broke out of a descending triangle again. Then, DOGE retraced by 56% before skyrocketing by 12,197%!” According to Martinez, these retracements are not random but are characteristic of how Dogecoin has behaved in previous cycles, setting the stage for explosive gains. The analyst drew parallels to the current market conditions: “Now, in 2024, DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run!” This assertion suggests that the current market downturn might be an opportune buying moment ahead of potential gains. Martinez’s analysis underscores the cyclical nature of Dogecoin’s price movements, suggesting a pattern of sharp declines followed by dramatic recoveries. “Over the years, Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience,” he concluded. Short-Term Dogecoin Price Analysis Amidst this optimistic prediction, the Dogecoin price is in a precarious scenario in the short-term. Since mid-April, DOGE has experienced significant technical resistance. Particularly, the DOGE price was consistently rejected at the 50-day EMA over multiple instances, indicating strong selling pressure at higher price levels. Related Reading: Alarm Bells Ring For Dogecoin: Bearish Signal Points To 40% Crash Amid a broader market downturn, the trajectory was accentuated when Dogecoin’s price broke below the crucial 100-day EMA. This level, often watched by traders for signs of medium-term market direction, had previously offered support. The breach underscores a weakening market sentiment and could signal extended losses. As of press time, Dogecoin’s price hovered near $0.1259 after narrowly holding above the 200-day EMA yesterday, a key psychological and technical barrier. This moving average is now a pivotal point for Dogecoin; its sustained breach on the daily chart could significantly alter the market structure, potentially triggering a slide towards the $0.1005 support level. The Relative Strength Index (RSI) is at 31.63, edging close to the oversold territory but not conclusively signaling an imminent reversal. This indicates that while the market is nearing oversold conditions, the selling pressure has not fully abated. One last leg down might be necessary to get DOGE into “oversold” territory in order to mark a local bottom. Featured image created with DALL·E, chart from TradingView.com

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DOGEUSD Dogecoin