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Dogecoin
$0.21676 3.77%
DOGE · 6w

Bulls Target $0.5 As Dogecoin Readies For 1,000% Rally

Dogecoin has not has the most favorable few weeks on the market. Nonetheless, the asset has seen some upside this week with the price breaking above $0.23. It has not mirrored the growth seen in top rival Shiba Inu. But has been on a steady growth pace since trading opened for the week. It’s hard to accurately predict where the coin might be headed in the next few months. Although technical analysis points to a price spike.

Justin Bennett put out a bullish analysis for the asset. The report pointed to recent market trends putting the digital asset on a path to a breakout. This rally, he said, would mirror the growth pattern of previous breakouts and will play out over the next few months. According to Bennett’s analysis, all of Dogecoin’s movement in the last few months has led it to this month.

Dogecoin Preps For 1,000% Breakout

Bennett explained in his report that Dogecoin’s low momentum through the past few months has been a setup for this breakout. Slow months had characterized Doge’s price movements, dragging the price below $0.2.

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This kind of setup had been seen on the charts twice this year. The first had seen the price of the coin rally about 900%, while the second had been the most prominent. By the time the second breakout occurred, Dogecoin had rallied over 1,200% and this was when the digital asset had hit its all-time high over $0.70. The price target this time around may not be the same, but is expected to stick to the same pattern, leading to a 1,000% price rally.

Doge price trading at $0.236 | Source: DOGEUSD on TradingView.com

A caveat for this breakout does depend on whether the asset can break the $0.245 resistance point. Bennett said in his analysis that Doge would need to break above this price point for the setup to be complete.

However, trends show that the asset i...

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