The largest meme cryptocurrency, Dogecoin (DOGE), is poised for a major break out, according to analysts, as price surges to $23. After weeks of declining momentum the coin stabilizes around the $0.32 mark, this projection is fast approaching.
Crypto analyst Ali Martinez posted a look at the platform X and singled out a bull fractal on Dogecoin’s weekly chart. Studying fractals, or repeating patterns in price change, has traditionally before identified major bear rallies for the token.
Dogecoin Breaks Triangle Pattern
The DOGE trade has broken out of a descending triangle pattern, which has happened before to announce large price increases in 2017 and 2021, as Martinez tells Insider. The price of Dogecoin from breakout to all time high of $0.01877 in 2017. Like the 2021 breakout, it saw a meteoric rise to its current all time high of $0.70 during last bull cycle.
According to the latest breakout, Martinez predicts DOGE might hit an unprecedented $23, which is 7,500 percent higher than its present value. Dogecoin of course is trading near $0.32, just a few cents above where it was yesterday trading, and a 2.5 percent daily gain so far.
The coin however is still not able to recover from the losses despite that time frame. It’s also a great example of it despite that, as its market capitalization stands at $47.4 billion, making it the top meme cryptocurrency and seventh largest digital asset across the board, per CoinGecko.
The surge depends on the coin gaining confidence, drawing investors to it. History tends to repeat itself and if it does with Dogecoin, the latest breakout could provide this Altcoin with an explosive year this coming month.
Investors and analysts will then watch closely to see if this consolidation with the formation of bullish fractals will turn into significant gains or if this stabilization of around $0.32 means more consolidation is in order.
