Dogecoin meme token is ready for a 40% rise
According to crypto analyst Ali Martinez, Dogecoin (DOGE) is preparing for a significant breakout of 40%, as it consolidates within a symmetrical triangle, which is typically a precursor to sharp growth.
$BIO
BIO
0.1294
-3.72%
If we look at the 12-hour chart shared by Martinez, it's clear that DOGE is compressing within a narrowing triangle bounded by lower highs and upper lows. Currently, the coin is trading at around $0.22 and is slightly above the Fibonacci retracement level of 0.5 at $0.218.
$DOGE
DOGE
0.21368
-4.24%
A decisive breakout above the Fibonacci level of 0.618 at $0.233 could lead to DOGE rising to the $0.25–$0.28 zone, while a breakdown risks bringing it back to the support level at $0.188.
Martinez's forecast of a 40% rise suggests a potential move to the $0.30–$0.32 level, especially if the bulls take control. This level coincides with key Fibonacci extensions.
$MEME
Such a breakout will not only confirm the bullish trend but also bring DOGE closer to the psychologically important level of $0.50, which will strengthen long-term forecasts for growth to $1.
However, not all analysts are confident that the breakout will be so obvious. For example, crypto analyst Wise Crypto warns that a 'head and shoulders' pattern is forming on the 4-hour chart of Dogecoin, which is a classic bearish signal. He stated that a short-term rebound to $0.25–$0.28 is possible, but the 'risk is to the downside' and advised investors not to rush into purchases.
