The price of the most popular meme cryptocurrency, Dogecoin (DOGE), has outperformed most of its top-ranking crypto rivals in recent weeks, gaining over 45% from the beginning of October until now. This undoubtedly makes October the best month for DOGE since March.
Amid this stellar performance, talk of the canine-themed crypto flying to the moon has reemerged. Could DOGE soon reach the $1 milestone?
Dogecoin Rally Far From Over
Dogecoin’s price may soon see exponential growth. At least that is the conclusion drawn by widely-followed crypto analyst and investor Ali Martinez’s latest outlook on the price of DOGE.
Martinez’s analysis is based on a historical trend pattern on Dogecoin’s 1-month price chart. The chart he shared shows repeating setups and key breakout indicators.
Dogecoin has seen the formation of a descending triangle pattern at three different times since January 2014. The so-called descending triangle comprises a downward-sloping trendline, representing lower highs, and a flat trendline, depicting a solid support level.
During the previous times a descending pattern has appeared on Dogecoin’s chart, a meteoric rally has ensued following a strong exit from the technical formation.
The second descending triangle started forming as Dogecoin fell from the $0.01877 high in January 2018. The downtrend lasted for 1,096 days. Similarly, DOGE soared 15,520% to hit its current all-time high of $0.7316 in May 2021 after breaking out of the pattern in January 2021.
This suggests a possible repeat of Dogecoin’s price action as the crypto is currently completing 2,180 days of accumulation inside the triangle, which formed in 2021 after the 15.520% price jump. Once completed, this may act as a launchpad for the DOGE price to rocket higher.
Crucial Level To Watch For Bullish Breakout
If this pattern plays out the same way this time around, the price of the OG meme coin could hit the elusive $1 mark and beyond.
However, Martinez stressed that this prediction will only be validated if DOGE successfully clears the stubborn resistance at $0.20. According to him, a sustained close above the $0.20 threshold could trigger a parabolic rally in November, potentially driving the king of meme coins to new record highs.
All eyes will be on Dogecoin’s performance in the coming days and weeks. Investors and traders are monitoring closely, expecting a decisive move that could set the stage for DOGE’s next trend. With the broader crypto market primed for potential shifts as the U.S. election draws closer, it could be key for DOGE to regain strong momentum.
Over the past 24 hours, the price of Dogecoin has gained a measly 1.4%, according to CoinGecko data. The token now trades for $0.1711.
Trump Win To Further Boost DOGE Price
The newfound Elon Musk-Trump relationship could further strengthen Dogecoin’s bullish hype if former president Donald Trump, known for his pro-crypto stance, retakes the White House next month.
Dogefather Musk has affirmed he will work with the Trump regime on a government efficiency commission, with the interesting “D.O.G.E.” acronym rekindling speculation and bolstering Dogecoin’s appeal.