Crypto market analyst Justin Bennett Dogecoin (DOGE) He thinks the internet meme-derived coin is poised for a major rally if it successfully recovers a key level and retests it as support.
The analyst told his Twitter followers that he thinks if the meme crypto asset Dogecoin can reclaim the $0.245 level, it could start a multi-month 500-1000% increase.
“DOGE just needs to push above this area at $0.24.
If we can do that, in my opinion a multi-month rally will begin.
[Ralliyi] If he approves, the rise is likely to be 500 – 1,000%.”
According to Bennett’s analysis, if DOGE can break $0.24; He expects the altcoin to hit the previous high of $0.26 with a short-lived pump before retesting $0.24 and climbing higher. According to CoinGecko, at the time of writing, Dogecoin is trading this at $0.241.
Crypto market strategist, Dogecoin; The joke is also looking at the daily chart where the crypto asset curls up and forms a large triangle pattern. A triangle formation in an uptrend indicates that an asset continues to rise after removing the diagonal resistance. According to Bennett’s chart, DOGE has displayed the same pattern twice this year. In both cases, this breakout was followed by large increases.
In the latest issue of his market analysis in the Cryptocademy newsletter, Bennett highlights three key price targets DOGE can reach, assuming it can confirm a break above $0.245.
“If this breaks higher, targets like $0.32, $0.42 and $0.57 could be reached.
However, keep in mind that a daily close above the upper trend line around $0.245 is needed to confirm a breakout.
Also examining the Dogecoin/Bitcon pair (DOGE/BTC), Bennett predicts that the pair will emerge from a huge falling wedge that has been developing since June.
“It’s not just DOGE against the USD. This falling wedge in DOGE/BTC is also ridiculous.
In my opinion, it’s just a matter of time before it launches even higher.”
falling wedge The pattern is a technical analysis pattern that shows an upward movement after the breakout is confirmed.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.