Dogecoin is on the verge of a massive breakout, according to one crypto analyst. The meme coin which has maintained a rather consistent uptrend over the last few days seems to just be getting started as analyst Ali Martinez sees a surge to $1.6.
Dogecoin Price Primed For 2200% Move
In a recent analysis posted on X (formerly Twitter) crypto analyst Ali Martinez presented an ultra bullish narrative for the Dogecoin price. The analyst shared a chart showing a possible price trajectory for the meme coin that seems to end at the $1.6 level.
This starts out at the current $0.069 level which the analyst believes is a great buying point. Then going onward, there is an initial pump above $0.13 before a brief retracement takes place. Then there is another surge in price that sends DOGE right above $0.4.
The next level mapped out in the chart sees it rise as high as $1.2 before another drawdown. Another bounce from here is what takes the Dogecoin price above the $1.6 target, before a final drawdown back below $1.
DOGE could rally to $1.6 | Source: Ali_charts on X
“#Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the $DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces #DOGE bullish outlook,” Martinez said in the post.
The analysis does not point out this happening in the near term, however, with the top of this expected surge placed in 2024. It is also in the second half of 2024, well after the Bitcoin halving has been completed, suggesting this taking place in the expected bull market.
DOGE struggles to hold $0.07 | Source: DOGEUSD on Tradingview.com
DOGE Bullish Sentiment Takes Hold
While Martinez’s Dogecoin prediction is bullish, it is not the most bullish out there for the altcoin. Another crypto analyst has previously predicted a possible surge to the $14 level for the altcoin. So Martinez’s 2,200% surge pales in comparison to this analyst’s expected 27,500$ surge.
What both predictions show is a turn in the bearish sentiment that has previously dominated the meme coin. With expectations turning bullish, chances of Dogecoin’s recovery have gotten higher as more investors are willing to put money into the digital asset.
In the same vein, the Dogecoin Fear & Greed Index has been flashing greed, feeding more into this bullish narrative. It suggests that investors are more likely to hold their coins during this time and wait for profits rather than sell.
DOGE is currently holding strong at $0.069 after briefly testing the resistance at $0.07. It is up 9.055 in the last week but seeing meager gains of 0.76% on the daily chart.