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A crypto analyst named Ali sees Dogecoin’s epic breakout imminent. In this post, you will read the growth scenario of DOGE from the pen of this analyst.
According to Pooyan Music website, according to Dogecoin’s history, the departure from this key price pattern may be very significant. In his new tweet, cryptocurrency analyst Ali predicts an epic scenario for the first and largest dog-themed cryptocurrency by market cap, Dogecoin (DOGE).
Dogecoin experienced weak price action in April. This month was associated with a 40% decline for Dogecoin. The month of May has also started with a slow start for this memecoin. Its price has decreased by 3.39% so far. Dogecoin’s current price action has caught the attention of traders and analysts. Many eagerly watch its movements to see what happens.
According to cryptocurrency analyst Ali, Dogecoin’s price drop is an example of how it behaves before big climbs. Additionally, Dogecoin’s current 47% fall could be a healthy correction, paving the way for a potential uptrend amid a breakout from the descending triangle pattern.
A descending triangle pattern characterized by lower highs and horizontal support levels usually indicates a period of consolidation followed by a price rally. Given Dogecoin’s history, departures from this pattern can be particularly significant.
Ali mentions examples to prove his point. In 2017, DOGE broke out of a descending triangle. After that, the price fell 40% before entering a 982% uptrend. Similarly, in 2021, Dogecoin broke out of a descending triangle and then retreated by 56%. Finally and after that, it increased by 12197%.
Fast forward to 2024. Dogecoin has once again broken out of a descending triangle and is currently experiencing a 47% price correction, just like in previous cycles.
However, as with any prediction in the cryptocurrency market, there are no guarantees and past performance does not guarantee future results. We will have to wait and see if Dogecoin will reach its all-time high.
At the time of writing, Dogecoin is up 2.93% to $0.128 in the past 24 hours, indicating a general market rebound after a slump at the beginning of May.
