The analyst pointed out the historical pattern of Dogecoin, which may suggest that DOGE can expect increases to as much as $23 this time.
Following this pattern, Dogecoin may soon go parabolic
In the up-to-date one post on X, analyst Ali Martinez discussed the future direction of Dogecoin’s development based on the pattern observed during previous bull markets.
Below is a chart provided by the analyst that shows how DOGE has recently once again shown a familiar trajectory in its monthly price.
From the chart, you can see that Dogecoin has been trading within a descending triangle pattern for the past few years, but the coin seems to have recently moved above this value. A Descending Triangle is a technical analysis (TA) pattern that, as the name suggests, looks like a triangle tilting downwards. Generally speaking, the bottom line of the triangle provides support for the asset’s price, while the top line can be a source of resistance.
A breakout of any of these lines may signal a continuation of the trend in this direction. So a break from an upper level like the one memecoin has seen recently could lead to a bullish outcome.
As Martinez highlighted in the chart, this is not the first time Dogecoin has seen a long-term consolidation phase within the Descending Triangle. It appears that the previous two such patterns also showed an upward breakout for the cryptocurrency.
Both of these crashes led to pointed increases in the coin’s price, so it’s possible that the latest price surge will be the start of something similar. As for how high DOGE can go this time, the analyst referred to Fibonacci levels. These levels are based on various ratios from the popular Fibonacci sequence. The first bull wave peaked around the Fibonacci level of 1.618, which corresponds to the famed golden ratio found in many natural formations.
In the second case, the cryptocurrency experienced a larger jump, the peak of which was located around the level of 2.272, measured from the peak of the last bull run (equivalent to 1.000).
Based on these highs, Martinez believes that the top of the next Dogecoin bull market could be somewhere between these two levels. Compared to the recent bull market high, the low of the range at 1.618 translates to around $3.95 and the high of 2.272 translates to around $23.26.
If Dogecoin managed to achieve even the first of these goals, its price would enhance by over 1,310% compared to the current situation.
DOGA Price
At the time of writing, Dogecoin is trading at around $0.285, up 86% in the last seven days.
