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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Oct 07, 2024 13:40 UTC
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Dogecoin (DOGE) Set for a 200% Surge: Is History About to Repeat Itself?
Analyst Ali Martinez notes DOGE is breaking out of a descending triangle pattern.
Historical trends indicate Dogecoin might see a significant 200% surge soon.
Dogecoin (DOGE) recently rose by 1.13%, reaching around $0.11 per token.
Dogecoin (DOGE) is showing signs of a significant upward movement, with a recent jump of 1.13%, bringing its trading price to around $0.11. Meanwhile, market analyst Ali Martinez suggests that DOGE is breaking free from a long-standing descending triangle pattern, which could lead to an impressive rally. If history repeats itself, Dogecoin might be on the verge 200% rise.
Dogecoin’s Next Big Rally?
In a recent tweet, Martinez noted that Dogecoin might be following a familiar historical pattern that could signal a major rally soon. Martinez highlighted a sequence of events that has played out before, which could repeat itself.
The crucial aspect of this pattern is a breakout from a multi-year descending triangle. Historically, such breakouts have led to impressive price increases—often around 200%. After reaching these peaks, Dogecoin typically experiences a significant retracement, where it loses about 60% of its value before gearing up for another bull run.
Currently, Dogecoin appears to be at a similar stage in this cycle. Following a notable price increase, the cryptocurrency recently faced a significant pullback of 65%. This retracement has sparked speculation that DOGE may be on the verge of another breakout.
Support Levels to Watch
Recent data from Intotheblock reveals that Dogecoin has regained a substantial supply of 43.72 billion coins across about 124,480 addresses after breaching the $0.108 mark. This recovery could provide a stable support base, helping to reduce selling pressure from traders who are currently in profit.
However, amid recent market corrections, Dogecoin’s price has pulled back from $0.132 to $0.10, marking a 21% decline. Geopolitical tensions, especially between Israel and Iran, have added to the selling pressure.
Analysts warn that if this trend continues, DOGE could drop another 10.5% to reach a new support level of around $0.1. If this support holds, it may set the stage for buyers to push prices back above the previous peak of $0.13.
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