Is the DOGE Ready for a %1000 Rally?

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Generally speaking, the number of people paying attention to Dogecoin has been relatively low as Bitcoin and Ethereum are the most popular. But it is about time that this shifted as the year 2021 has been big for DOGE. Interestingly, the Dogecoin created in 2013, resulting from a Shiba Inu meme, now has over 120 billion of its coins in circulation, compared to bitcoin’s 21 million.

Since two years ago, when the Dogecoin had an all-time high of $ 0.017206, it has grown to be accepted in 1 670 markets and having high trading volume pairs of USDT($94.46M), BTC($22.67M) and USD (6.55M)

A further assessment of the DOGE showed an incredible and outstanding rise of 6,560% by the 20th of April, 2021. Its market cap had also risen to reach 50 billion USD making it far more valuable than even Ford motors of the U.S.

Since then, the world’s number 10 cryptocurrency has been experiencing only minor price fluctuations. But potentially, the DOGE could rally again if Justin Bennett’s observations are anything to go by.

Breakout Bells for DOGE

Justin Benett, the founder of Cryptocademy and crypto investor with over 10+ years of experience, has been closely watching the signals of Binance coin, Dodge and Polkadot. He observes that the signals are showing an extension that could result in a breakout.

As relating to Dogecoin, Mr. Bennet said in a statement via Twitter to his 73.6K followers;

“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.”

In simple terms, Mr. Bennet says that Dogecoin’s chart presently appears to mirror a pattern seen earlier in April that launched a 13x rally.

He goes further to display graphical pieces of evidence of his observation. 

According to a trading chart within his Twitter thread, the Doge is seen to be printing a massive triangular formation that indicates a strong potentiality for a continuous upward surge in the coming days.

Source: Twitter

If Bennet’s prediction would, by any chance, come to pass, Doge would ascend to an extravagance of $3 per coin. This would be a rise of 1,150% from its present valuation of $0.24.

Bennett further observed that the DOGE is adjusting itself for a collision course. A potential course, that could disrupt its long-time diagonal resistance. His statement continues to read that;

“DOGE is shifting again to resistance. Consolidation beneath resistance is _______.”

Conclusion

Crypto traders rely on complex mathematical signals to predict the price of entities based on a good market study. These signals have often been a safety net for individuals and companies. They have helped in making profits or keeping losses to a minimum.

According to the current signals, the DOGE could rally, yet it’s only a matter of time for all to see. Stay tuned for more updates.


Credit: Source link

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