This Crypto Market Analyst Predicts Dogecoin (DOGE) Price Will Rise

Harga DOGE diprediksi alami kenaikan (DailyBitcoinDesk)

JAKARTA – Market observers assess the price of Dogecoin (DOGE) will experience a significant increase soon. This was conveyed by crypto market analyst Justin Bennet. He predicts DOGE prices will rise 500 to 1000 percent.

According to Bennett, DOGE is preparing for a massive rally if it manages to recover key levels and test them as support. Bennett posted the results of his analysis on Twitter. The meme coin is considered to be going up if it can return to the level of 0.24 US dollars.

“DOGE only needs to take the area above $0.24. If that happens, a multi-month rally begins, IMO (in my opinion). Maybe 500 – 1000% of the increase if confirmed.

Bennett explained that if the meme coin could surpass 0.24 dollars, he explained the possibility that DOGE will be pumped briefly before moving at 0.26 dollars which will then retest its support level before skyrocketing again.

He also observed the movement of the meme's coin pattern. Bennett noticed the formation of a large triangular pattern. This shows a sustained bullish trend after removing its diagonal resistance, as reported by The Daily Hodl.

The market analyst noted that Dogecoin has formed a similar pattern twice this year. Both patterns have led to a massive meme coin rally after the breakout. Bennet's latest analysis has been featured on Cryptoacademy.

“If it breaks higher, targets like $0.32, $0.42, and $0.57 are within reach. However, keep in mind that a daily close above the upper trend line near $0.245 is needed to confirm the breakout”.

Bennett believes that DOGE and BTC will break out of the massive falling wedge formation that has been formed since last June. He stated that it was only a matter of time before it skyrocketed even higher. The falling wedge pattern is a technical analysis pattern that sees an upward movement after a confirmed breakout.

At the time of writing, DOGE's price was trading at the level of IDR 3,789. Has increased 14 percent in the last 24 hours. Dogecoin is currently the 10th cryptocurrency by market cap, as reported by CoinGecko.