According to an analysis by crypto analyst Ali Martinez, Dogecoin is expected to experience a massive breakout, potentially reaching $1.6. The analyst shared a chart showing a trajectory for the price of Dogecoin, starting at the current level of $0.069 and projecting a series of surges and retracements that ultimately lead to the $1.6 target.
The analysis suggests that Dogecoin’s bullish outlook is reinforced by the breakout from a multi-year descending triangle pattern on the weekly chart. However, it should be noted that this surge is expected to occur in the second half of 2024, after the completion of the Bitcoin halving and during the anticipated bull market.
While Martinez’s prediction is bullish, another analyst has previously forecasted an even higher surge to $14 for Dogecoin. Both predictions indicate a shift in sentiment from bearish to bullish for the meme coin, and the Dogecoin Fear & Greed Index also reflects a greed sentiment among investors. Currently, Dogecoin is trading at $0.069 and has shown modest gains in the past week.
Source: BITCOINST
