According to a crypto analyst known as Ali on Twitter, there’s good news for Dogecoin’s native crypto, DOGE. Ali has identified a bullish signal as an ascending triangle on the 12-hour chart. If it breaks out to the upside, this pattern could lead to a 20% surge in DOGE’s value. This development is certainly worth keeping an eye on for those invested in the world of cryptocurrency.
Ali eloquently conveyed his perspective on the DOGE price trajectory, substantiated by compelling visual aids showcasing numerous horizontal resistance levels atop the candlesticks, which align with diagonal support throughout the same timeframe; upon connecting these points with straight lines, a classic ascending triangle formation emerges, a widely recognized technical pattern utilized in price chart analysis for decades. His astute observations and technical analysis demonstrate high professionalism and expertise in the field.
Ali’s plotted ascending triangle reveals that the $0.06244 price level marks the lowest point, while the triangle terminates at $0.07813. Notably, the upper limit of the triangle aligns with the 200 EMA, which, if broken, could trigger a 20% price rally, propelling DOGE towards $0.093. However, Ali cautions that a drop below $0.072 would invalidate the anticipated rally. With a professional tone, it’s clear that Ali’s analysis is grounded in sound technical analysis and a keen eye for market trends.
Industry experts say DOGE is poised to lead the charge during the anticipated 2023 bull run. Nevertheless, it’s worth noting that DOGE is among the few cryptocurrencies that have dipped below their yearly opening price, with a low of $0.0626 recorded on March 23, 2021.
The DOGE price has exhibited a remarkable resurgence, gaining significant momentum and recouping most of its losses to re-enter bullish territory. According to Ali’s projections, a rally to the $0.93 price range could propel DOGE towards its 2023 yearly high, reinstating the bullish pressure. Furthermore, surpassing this threshold would pave the way for a price rally with minimal resistance, as historical data shows.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
