Dogecoin Bulls Unleashed as DOGE Breaks 640-Day Accumulation Period, Analyst Unveils Potential Targets
The beloved meme coin, Dogecoin (DOGE), has broken through a resistance level that had been holding its price back since the beginning of 2022. Currently trading at $0.1, this breakthrough has caught the attention of analysts and investors alike.
Among those analyzing DOGE’s price action is Alex Clay, a prominent figure in the crypto community. According to Clay, DOGE has successfully broken out of a 640-day accumulation period, which is often referred to as the “Adam and Eve” pattern in technical analysis.
For those unfamiliar with the term, an “Adam and Eve” pattern is a bullish reversal pattern that typically forms after an extended downtrend. It consists of two consecutive bottoming formations, with the second bottom (Eve) being higher than the first (Adam), indicating a potential shift in momentum and a reversal of the prevailing trend.
Clay further notes that DOGE’s overall price action resembles a “Rounding Bottom” pattern, which is another bullish reversal formation that often signals a potential change in trend direction from bearish to bullish.
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Show more +With this breakout and the formation of these bullish patterns, Clay has expressed a long-term bullish outlook on DOGE. The analyst has provided several potential targets for DOGE’s price:
- Mid-Term Target 1: $0.4755
- Mid-Term Target 2: $0.59
- Moonbag 1: $1.15
- Moonbag 2: $1.86
- Moonbag 3: $2.55
The term “Moonbag” is often used in the cryptocurrency community to refer to an ambitious or highly optimistic price target, suggesting that Clay sees significant upside potential for DOGE if the bullish momentum continues.
The breakout of DOGE from its 640-day accumulation period has undoubtedly captured the attention of the crypto community, and analysts like Alex Clay are providing insights into the potential path ahead for the popular meme coin.
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