A top crypto strategist and trader says that it is within the realm of possibilities that Dogecoin (DOGE) can ignite a surge reminiscent of its massive breakout in April.
Justin Bennett tells his 73,300 Twitter followers that the leading meme crypto’s current price action mirrors a technical pattern last seen in DOGE six months ago before launching a whopping 13x rally.
“DOGE doing what it does best.
The last two breakouts triggered gains of 1,000% or more.
The latest round of consolidation has lasted three times longer than the pattern that preceded the April breakout, which was good for 1,200%.
One to watch if BTC behaves.”
According to the trader’s chart, DOGE is printing a large ascending triangle formation, a bullish pattern suggesting the continuation of an asset’s uptrend. Should DOGE follow Bennett’s script, the 10th largest crypto asset can ascend to as high as $3, marking an upside potential of 1,150% from its current price of $0.24.
Bennett is also bullish on DOGE in the short term, suggesting that the 10th largest crypto asset may be gearing up to take out its large diagonal resistance.
“DOGE is moving back to resistance.
Consolidation below resistance is _______.”
Fellow crypto analyst Altcoin Psycho emphasizes that when an asset trades close to a resistance area in a bull cycle, continuation is likely to take place.
“Consolidation under resistance in an up trend is bullish.
Consolidation under resistance in an up trend is bullish.
Consolidation under resistance in an up trend is bullish.
Consolidation under resistance in an up trend is bullish.
Consolidation under resistance in an up tre-“
Source: Dailyhodl.com
