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.
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.
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.”
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.
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