Dogecoin price has entered Another phase of upward momentum Which reignited flows from traders. It is worth noting that the price of DOGE rose by about 16.3% during the past 24 hours. This increase highlighted the potential for DOGE price to reach a new all-time high this year.
Interestingly, a cryptocurrency analyst on social media platform
Dogecoin Fractal Points to New ATH
Master Kenobi Share his analysis Dogecoin price movement on X. In his post, Kenobi demonstrated a fractal setup, indicating that DOGE is on the verge of a major breakout. Kenobi attributed the formation of the fractal to the consolidation process that began after the price of DOGE reached $0.43
A An up fractal is… It is a pattern that indicates an upward reversal in price. This pattern, which occurs during price consolidation, is characterized by a middle bar containing lower lows, surrounded by higher lows on each side.
The Kenobi analysis was accompanied by a DOGE chart on the four-hour candlestick time frame. The chart revealed that a similar fractal occurred during the first week of November. At the time, Dogecoin was consolidating after an initial rally that surpassed the $0.20 mark. This stabilization phase, much like the current phase, was characterized by low volatility and steady accumulation. However, the November fractal was eventually resolved with an explosive 115% rally over six days.
In parallel with the November setup, Kenobi predicted that Dogecoin price could repeat this result and create a new all-time high in the next three days. In terms of price targets, a breakout would see DOGE price reach the $0.74 mark, which would put it above its all-time high of $0.7316.
What’s next for Dogecoin price?
The possibility of a new all-time high for Dogecoin price is increasing with each passing day, especially with the price action of the past 24 hours. At the time of analysis, DOGE was trading at $0.41. Interestingly, the price of Dogecoin has risen to $0.46 at the time of writing, indicating an upward fractal breakout.
DOGE, which started November at $0.1616, is already up about 230% over the past 30 days. a lot Data on the string and Price patterns It indicates that prices will continue to rise, at least in the next few days and weeks. Ali Martinez, famous cryptocurrency analyst, Suggest it Dogecoin price is in the middle of a bullish breakout to $0.82. If the target price is achieved, it will represent an additional profit of 78% from the current price.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.