An analyst has observed a historical pattern in Dogecoin's trajectory that suggests a potential bull run, possibly reaching up to $23. This insight comes from Ali Martinez, who highlights Dogecoin's recent behavior in breaking out of a Descending Triangle pattern, a bullish signal in technical analysis.
The Descending Triangle provides support and resistance levels, and a breakout like Dogecoin's recent one often indicates further bullish trends. Historical analysis shows similar patterns in Dogecoin's past have led to significant surges, supporting the possibility of a new bull run.
Drawing from Fibonacci levels, the analyst estimates potential highs. Previous runs peaked at different Fibonacci levels, and Martinez suggests that the next rally might top within a range correlating to these levels. A price between $3.95 and $23.26 is anticipated based on prior bull run data.
Currently, Dogecoin trades at about $0.285, marking an 86% increase over the past week. An achievement of the lowest target of this range would mean a substantial growth of approximately 1,310% from its current value, highlighting the significant potential for investors.