Pseudonymous crypto analyst, Captain Faibik, believes that Dogecoin DOGE/USD — Tesla CEO Elon Musk‘s favorite digital coin — is currently consolidating within a triangle pattern and suggests that now may be the opportune time for long-term investors to enter the market.
What Happened: Faibik speculates that DOGE could potentially hit $1 in the first half of 2024.
"It’s still consolidating within a triangle pattern, and if someone is looking to enter for the long term, now is the time. In the first half of 2024, I have a feeling it could potentially hit $1," the analyst said.
The triangle pattern is viewed as bullish when the price breaks out above the downward-sloping resistance line, indicating a potential upward trend. This breakout is closely monitored by traders as it can signal a shift in market sentiment and present buying opportunities.
Meanwhile, fellow crypto analyst Ali notes that DOGE is nearing the apex of a multi-year descending triangle formation.
According to Ali, a weekly candlestick close above $0.0835 could potentially trigger a new bullish trend for DOGE, with a price target of $1. The descending triangle pattern is characterized by a horizontal support line and a downward-sloping resistance line, forming a triangular shape.
Ali emphasizes the importance of the $0.0482 support level, cautioning that any weakness around this level could lead to a new yearly low for DOGE.
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Why It Matters: Meanwhile, Crypto Tony provides a similar sentiment, stating that the support level just below $0.055 is crucial for maintaining a favorable outlook. He suggests that if this support level holds, the “meme season” could begin, potentially driving DOGE prices higher.
On the other hand, crypto analyst Nicholas Merten remains skeptical about the future prospects of DOGE. In a YouTube video, Merten points out that DOGE lacks the typical characteristics observed during a bull market.
Merten explains that to believe in a bullish DOGE, consistent monthly increases of 10%, 20%, or 30% would be necessary. While DOGE has experienced significant spikes in the past, ranging from 30% to as high as 600%, sustained growth over consecutive months is needed for a truly bullish trend, according to Merten.
Price Action: At the time of writing, DOGE was trading at $0.062, up 2.88% in the last 24 hours, according to Benzinga Pro.
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