Dogecoin's Path To $1: Analyst Sees This Critical Breakthrough As Bull Run Trigger

Crypto analyst Ali has indicated that Dogecoin DOGE/USD is nearing the apex of a multi-year descending triangle formation. 

What Happened: Ali on Saturday said, “A weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, potentially toward $1."

The descending triangle formation consists of a horizontal support line and a downward-sloping resistance line, creating a triangular shape. Breakouts from this pattern are closely watched by crypto traders and analysts to determine the future direction of the asset.

Ali notes the $0.0482 support level "as any sign of weakness around this level could lead to a new yearly low.”

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: However, not all analysts share the same optimism for Dogecoin. 

Crypto analyst Nicholas Merten last week expressed a skeptical viewpoint regarding the potential for a bullish trend in DOGE. In a YouTube video, Merten said that Dogecoin lacks the typical characteristics observed during a bull market.

Merten explained, “For me to believe in a bullish Dogecoin, we’d need to witness consecutive monthly increases of 10%, 20%, or 30%.” He referenced past instances where Dogecoin experienced significant spikes ranging from 30% to as high as 600%, but stressed the need for sustained growth over consecutive months.

To support his perspective, Merten referred to Dogecoin’s behavior in June and October 2022, comparing it to its performance against Bitcoin BTC/USD. He believes that Dogecoin’s potential would be best demonstrated if it followed a similar pattern during these months.

Price Action: At the time of writing, DOGE was trading at $0.060, up 1.16% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?