Is Dogecoin Price Set For A 30% Surge? This Chart | Crypto News
The Dogecoin price has been considerably inconsistent over the past few weeks, mirroring the indecisiveness of buyers in the final cryptocurrency market. This instability was on show in the past week when the price of DOGE fell from $0.24 to as low as $0.21 on Friday, August 22.
On Friday, the Dogecoin price briefly returned to above $0.24, triggered by Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. However, the latest price data reveals that the meme coin may only be at the starting of an prolonged rally over the next few weeks.
DOGE Price Set For A Move To $0.3 – Analyst
In an August 23 post on social media platform X, crypto analyst Ali Martinez put ahead a bullish prediction for the price of Dogecoin in the approaching weeks. The online pundit shared that the most important meme coin by market capitalization might be on the verge of a 30% transfer to the upside.
This optimistic projection revolves around the formation of a symmetrical triangle sample on the 4-hour timeframe of the Dogecoin price chart. The symmetrical triangle is a technical analysis sample characterised by a diagonally falling higher trendline (connecting the swing highs) and a diagonally rising decrease trendline (along the swing lows).
The token’s price usually constricts and strikes toward the apex in a symmetrical triangle sample. In the end, the price either breaches the higher trendline for a breakout or the decrease trendline forming a breakdown. Depending on the direction of the break (breakout or breakdown), the symmetrical triangle formation might be seen as a continuation or reversal sample.
It is price mentioning that symmetrical triangles have a tendency to be continuation break patterns, as the asset’s price normally breaks in the initial pattern direction before falling into the triangle sample. Going by this logic, Martinez urged that the Dogecoin price is probably going to continue its uptrend after breaking out of the current setup.
If the price of DOGE performs out as projected, the crypto analyst expects the meme coin to transfer toward the $0.3 mark—representing a 30% transfer from the current price level. The price goal is decided by including the size of the widest level of the triangle (or base) to the breakout level.
Nevertheless, buyers have to wait for the close of at least two candlesticks above the triangle’s higher boundary to affirm a bullish breakout.Â
Dogecoin Price At A Glance
As of this writing, the price of DOGE stands at around $0.2366, reflecting an virtually 1% decline in the past 24 hours.
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