![Dogecoin Breaks Key Resistance, Analyst Signals Bullish Trend Shift](https://captainaltcoin.com/wp-content/uploads/2023/07/dogecoin-3.png)
Leading cryptocurrency Dogecoin ($DOGE) may be on the brink of a significant breakout, according to insights from renowned Twitter analysts.
Famous technical analysis expert, Ali from @ali_charts, recently commented on the potential for a bullish breakout for Dogecoin.
Drawing attention to a pivotal mark, Ali tweeted, “A sustained weekly close above $0.080 will be my green light. But if it dips below $0.067, I’ll reconsider.” This sentiment harkens back to a prior observation made by the analyst on July 23rd, where he noted a similar pattern.
![](https://captainaltcoin.com/wp-content/uploads/2023/08/image-165-1024x576.png)
Back then, he commented on the development of a descending triangle on Dogecoin’s monthly chart, highlighting that the last such occurrence resulted in a staggering 23,200% surge for $DOGE.
![](https://captainaltcoin.com/wp-content/uploads/2023/08/image-164-1024x732.png)
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Show more +Complementing Ali’s analysis, well-known trader Colin 🐻d⚡🛡, or @Vires_Num3ris, delved deeper into the long-term prospects for Dogecoin. He acknowledged the healthiness of the $DOGE chart and raised intriguing possibilities based on the Lindy effect, unit bias, and influence from billionaire Elon Musk. Offering a cautious yet optimistic stance, he stated, “Elon has me thinking $1+ is not as delusional as it once seemed.”
![](https://captainaltcoin.com/wp-content/uploads/2023/08/image-166-1024x487.png)
However, it wasn’t all bullish sentiment for Dogecoin. Colin contemplated the potential for the cryptocurrency to test the top of its current channel by September 2024, which would situate it at $30. To put this in perspective, that would require a market cap of $4 trillion, or a 400-fold increase. Such a jump, in Colin’s words, “DOES seem pretty delusional.”
Nonetheless, Colin didn’t entirely dismiss the prospect of major gains in 2024. He suggested that a notable divergence between equities and crypto could lead to a scenario where significant profits arise in the crypto sphere. The rollout of crypto ETFs, coupled with a decline in equities, might divert increased attention to cryptocurrencies, sparking intense market excitement.
Concluding his thread, Colin tempered expectations, stating, “The last bull cycle was comparatively anemic (particularly for #bitcoin), so perhaps this next one exceeds expectations once again.” However, he also added a note of caution, indicating that he currently doesn’t assign high odds to this theory.
As the crypto community keeps a close eye on these predictions, only time will tell whether these bullish sentiments will materialize for Dogecoin.