Dogecoin (DOGE) to Moon? Major Meme Coin on Verge of Parabolic Bull Run

Cover image courtesy of U.Today

November could mark a pivotal moment for Dogecoin (DOGE), as per the analysis of crypto expert Ali Martinez. Martinez believes a sustained surge in DOGE's price is contingent on a consistent close above $0.20.

As illustrated in the attached price chart, Dogecoin is approaching the completion of 2,180 days of accumulation within a triangle formation, initiated in 2021 following a 15.524% rise. This completion could pave the way for a significant price increase, potentially reaching new highs.

Martinez observes a recurrent trend in DOGE's price action, characterized by extended accumulation periods within triangles. Notably, in 2021, a breakout to $0.75 per DOGE occurred after 1,096 days of accumulation, preceded by a 1,155-day accumulation period that led to an 8,933% increase in 2018.

Should this pattern hold true this time, DOGE's price predictions could surpass $1, a target that is only 500% above its current value, while previous historical surges have reached the thousands of percent range.

Thus, it appears that Dogecoin may be poised for a "to the moon" scenario. However, Martinez emphasizes that this rally will only materialize if the meme cryptocurrency maintains a price of at least $0.20. To date, despite a 50% gain in October alone, Dogecoin has failed to achieve this mark, with sellers preventing further price growth on October 30th at $0.1798.