Dogecoin has been in the spotlight lately after a notable uptick in the usage of its network over the last month. However, this adoption has not translated to any notable increase in the asset’s price, prompting speculations of a delayed breakout for the meme coin.
Crypto Analyst Says Dogecoin Could Breakout Soon
Even as Dogecoin continues to put on a lackluster performance, it has not shaken the bullishness of investors. One of the analysts who believe that the DOGE price is destined for great things is crypto analyst Ali Martinez, popularly known as Ali_Charts on X (formerly Twitter).
According to an analysis by Ali on X, the meme coin may be looking to stage a repeat of the parabolic breakouts seen over the years. The crypto analyst points out that Dogecoin is mirroring past performance, and the patterns are beginning to line up to the months leading to the previous breakouts.
DOGE Price Could Rally As High As $10
This is not the first that the crypto analyst is pointing out the possibility of a Dogecoin parabolic rally. In an , the analyst also pointed out that the DOGE price was following patterns similar to what was seen back in 2020 before the infamous rally.
He points out a descending triangle that forms over two years, appearing once more. This same descending triangle was also seen before the DOGE price had risen from less than $0.003 to over $0.7 in a matter of months.
In this analysis, Ali points out that if Dogecoin were to go on a similar rally, then the price of the meme coin could rise as high as $10. “Having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run,” the crypto analyst said.DOGE price at $0.084 | Source:
