A popular cryptocurrency analyst has recently suggested that the price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could see a massive price increase in the near future, based on historical data.
The pseudonymous analyst going by Zer0 on the microblogging platform X (formerly known as Twitter) noted that DOGE looks “ready” to see a 5,220% price increase that would mimic other price rises the cryptocurrency has seen throughout its history.
My brother in Christ!$DOGE looks so ready
The moment we waited for 3+ years,
Is finally here.
Pair this with BTC price discovery
And you’ll re-learn the definition of a pump pic.twitter.com/6mv5y2gnpa
— Zer0 🕊️ (@degengambleh) October 22, 2024
Drawing on historical data, Zero highlighted the significant price increases Dogecoin experienced during previous Bitcoin halving events. In particular, the analyst pointed to the 9,226% and 30,693% price surges that occurred between 2017-2018 and 2020-2021, respectively.
Based on these trends, Zero has forecast that Dogecoin could see a similar parabolic rise between 2024 and 2025. The analyst predicts a potential 5,202% increase in price, potentially pushing Dogecoin to a new all-time high of $5.
As reported, an analyst who accurately predicted the collapse of Bitcoin in May 2021 is now making a bold call on the meme-inspired cryptocurrency Dogecoin, pointing to a potential substantial price increase as it breaks through a key resistance level.
The pseudonymous trader Dave the Wave suggested in a new post the memecoin could soon see a massive price rally, highlighting a bullish ascending triangle pattern forming on Dogecoin’s daily chart.
If the digital asset successfully breaks above this key resistance level, the analyst argues that it could signal a substantial price increase.
An ascending triangle, it’s worth noting, is a type of chart pattern that technical analysts use to predict price movements. It consists of a horizontal line that connects the high points of the price and a rising line that connects the low points of the price. The two lines form a triangle shape that is used to look for price breakouts, either up or down.
Ascending triangles are usually seen as continuation patterns, meaning that they indicate that the price will continue in the same direction as the trend before the triangle was formed.
Featured image via Unsplash.
