Crypto analyst Ali presented a new analysis highlighting the prolonged downward dynamic of Dogecoin and its potential movement toward new highs.
Current DOGE Price and Its Significance
At the time of the analysis, Dogecoin's price was around $0.26, which is well above historical support levels. Ali points out that this could be an early sign of a trend shift toward growth.
Historical Context and Price Dynamics
The analysis shows that Dogecoin has repeated an ascending channel pattern since 2015. Each time the price touched the lower boundary of the channel, significant upward movements occurred. For instance, in 2017, DOGE surged more than 20 times after bouncing from the channel’s base, reaching $0.73 in 2021 with a 13,000% increase.
Potential Growth of Up to $10
Ali suggests that the upper boundary of the channel is significantly above current prices, and if the structure remains intact, DOGE could potentially reach critical milestones around $10. While skeptics may find this ambitious, historical data shows that such movements are indeed possible.
Thus, the price structure of Dogecoin observed over the years may indicate possible significant growth prospects in the future. Regardless of how events unfold, Dogecoin remains a topic of interest in the cryptocurrency community.
