A well-known cryptocurrency analyst has recently suggested that #Dogecoin ($DOGE ), the meme-inspired cryptocurrency, could see a massive price surge in the near future based on historical data.
DOGE Set for a Huge Surge
According to the pseudonymous analyst Zer0 on the platform X (formerly Twitter), Dogecoin appears "ready" for a 5,220% price increase. This surge could mimic previous sharp price rises the cryptocurrency has experienced in its history.
Zer0 highlighted significant price increases DOGE has seen during past Bitcoin halving events. Specifically, he mentioned two key surges of 9,226% and 30,693% that occurred between 2017-2018 and 2020-2021.
A Possible Future for Dogecoin
Based on these trends, the analyst predicts that Dogecoin could experience a similar parabolic rise between 2024 and 2025. He forecasts a potential 5,220% price increase, potentially pushing Dogecoin to a new all-time high of $5.
The analyst, who accurately predicted the #bitcoin☀️ crash in May 2021, is now boldly calling for a substantial price rise in Dogecoin, pointing to a key resistance level that #doge⚡ needs to break through.
Key Resistance Level and Technical Analysis
Pseudonymous trader Dave the Wave has indicated that Dogecoin may soon see a significant price increase. He pointed out a bullish ascending triangle pattern forming on DOGE's daily chart, suggesting a potential price breakout.
If the digital asset successfully breaks this key resistance level, the analyst claims it could signal a significant price surge.
What Is an Ascending Triangle?
An ascending triangle is a chart pattern used by technical analysts to predict future price movements. It consists of a horizontal line connecting the highest price points and a rising line connecting the lowest points. These two lines form the shape of a triangle, which signals that the price may soon break out either upwards or downwards.
Ascending triangles are usually considered continuation patterns, meaning they indicate that the price will continue in the same direction as the trend before the triangle formed.
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