A prominent crypto analyst who accurately predicted Bitcoin's collapse in May 2021 has now made a bold call on the meme-inspired cryptocurrency Dogecoin to break through a key resistance level. It points out the possibility of a significant price increase.
Pseudonymous trader Dave the Wave, who boasts a huge following of 146,500 on micro-blogging platform , and suggested in a new post that meme coins could soon see a massive price increase. daily chart.
Analysts argue that if the digital asset manages to break above this key resistance level, it could signal a significant price rally.
It is worth noting that the ascending triangle is a type of chart pattern used by technical analysts to predict price movements. It consists of a horizontal line connecting the highest price points and an ascending line connecting the lowest price points. The two lines form a triangle shape and are used to look for rising or falling prices.
An ascending triangle is typically seen as a continuation pattern, indicating that price will continue in the same direction as the trend before the triangle formed.
Dogecoin may also be consolidating within a broader symmetrical triangle pattern, according to analysts. A breakout from this formation could push memecoin prices into the $0.20 range, and Dave the Wave even suggested that Dogecoin could reach an all-time high of $0.73 during this cycle. .
The meme-inspired cryptocurrency recently saw the number of active addresses on its blockchain jump to 84,306, with “the biggest jump in active addresses in six months” earlier this month, according to reports. was recorded.
This is according to data from on-chain analytics firm Santiment, which was first shared by popular cryptocurrency analyst Ali Martinez, who also noted that Dogecoin's network is experiencing “significant growth.” .
According to Martinez, there has been a “72% increase in new DOGE addresses” in the past week, with more than 19,600 addresses added to the cryptocurrency network in a single day.
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