Dogecoin Could Potentially Reach $1 By H1 2024, Says Analyst

The following article, Dogecoin Could Potentially Reach $1 By H1 2024, Says Analyst, was first published on Flag And Cross.

Pseudonymous crypto analyst, Captain Faibik, believes that Dogecoin (CRYPTO: DOGE) — Tesla CEO Elon Musk‘s favorite digital coin — is currently consolidating within a triangle pattern and suggests that now may be the opportune time for long-term investors to enter the market.

Faibik speculates that DOGE could potentially hit $1 in the first half of 2024.

I receive the most requests for $DOGE chart analysis.

It’s still consolidating within a triangle pattern, and if someone is looking to enter for the long term, now is the time.

In the first half of 2024, I have a feeling it could potentially hit $1.#Crypto #DOGE #Dogecoin pic.twitter.com/vZvX5pc9QV

— Captain Faibik (@CryptoFaibik) October 22, 2023

“It’s still consolidating within a triangle pattern, and if someone is looking to enter for the long term, now is the time. In the first half of 2024, I have a feeling it could potentially hit $1,” the analyst said.

Pseudonymous crypto analyst, Captain Faibik, believes that Dogecoin (CRYPTO: DOGE) — Tesla CEO Elon Musk‘s favorite digital coin — is currently consolidating within a triangle pattern and suggests that now may be the opportune time for long-term investors to enter the market. PHOTO BY KANCHANARA/UNSPLASH

The triangle pattern is viewed as bullish when the price breaks out above the downward-sloping resistance line, indicating a potential upward trend. This breakout is closely monitored by traders as it can signal a shift in market sentiment and present buying opportunities.

Meanwhile, fellow crypto analyst Ali notes that DOGE is nearing the apex of a multi-year descending triangle formation.

According to Ali, a weekly candlestick close above $0.0835 could potentially trigger a new bullish trend for DOGE, with a price target of $1. The descending triangle pattern is characterized by a horizontal support line and a downward-sloping resistance line, forming a triangular shape.

Ali emphasizes the importance of the $0.0482 support level, cautioning that any weakness around this level could lead to a new yearly low for DOGE.

Crypto Tony provides a similar sentiment, stating that the support level just below $0.055 is crucial for maintaining a favorable outlook. He suggests that if this support level holds, the “meme season” could begin, potentially driving DOGE prices higher.

$DOGE / $USD – Update

Not much happening on DOGE currently. While the bulls hold the support just below us at 0.055 we are safe. #Memeseason begins if we breaks that true and tested resistance zone above us pic.twitter.com/p1knh7Do4s

— Crypto Tony (@CryptoTony__) October 22, 2023

On the other hand, crypto analyst Nicholas Merten remains skeptical about the future prospects of DOGE. In a YouTube video, Merten points out that DOGE lacks the typical characteristics observed during a bull market.

Merten explains that to believe in a bullish DOGE, consistent monthly increases of 10%, 20%, or 30% would be necessary. While DOGE has experienced significant spikes in the past, ranging from 30% to as high as 600%, sustained growth over consecutive months is needed for a truly bullish trend, according to Merten.

At the time of writing, DOGE was trading at $0.062, up 2.88% in the last 24 hours, according to Zenger News Pro.

Produced in association with Benzinga

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