He told his 78,000 Twitter followers that the Dogecoin meme cryptocurrency could rise 500-1000% in the coming months if it can reclaim $ 0.24.
“DOGE is currently reclaiming the $ 0.24 zone.
Do that, and a multi-month rally will begin, IMO (in my opinion).
It could be a 500-1,000% rally. ”
Daily DOGE / USDT Chart | The source: Justin Bennett / Twitter
Bennett’s analysis suggests that DOGE may soar to previous highs of $ 0.26 before retesting $ 0.24 and rising. At the time of writing, Dogecoin is trading at $ 0.236, according to CoinGecko.
The crypto strategist also looks at the daily chart of Dogecoin, where the crypto meme creates a large symmetrical triangle pattern. The formation of this pattern usually leads to a continuation of the previous trend. According to Bennett’s chart, DOGE printed the same pattern twice this year. In both cases, the price rallied very strongly after the breakout.
Daily DOGE / USDT Chart | The source: Justin Bennett / Twitter
In some newer ones In his market analysis for the Cryptocademy, Bennett highlights three key price targets that DOGE can achieve after the breakout.
“When DOGE breaks out, the targets of $ 0.32, $ 0.42, and $ 0.57 will be within reach.
Note, however, that the price must close above the resistance line of the triangle near $ 0.245 on a daily basis to confirm the breakout.
Daily DOGE / USDT Chart | The source: cryptocademy.com
Looking at the BTC (DOGE / BTC) couple, Bennett predicts a breakout over the descending wedge that has been in place since June.
“Not just the USD pair.
The DOGE / BTC pair also forms a bullish pattern.
It’s only a matter of time before it goes higher, IMO. ”
Daily DOGE / BTC chart | The source: Justin Bennett / Twitter
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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