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Dogecoin can go up 500-1000% when it gets back to that level, according to KOL Justin Bennett

Prominent analyst Justin Bennett believes Dogecoin (DOGE) will start a big rally if it successfully recovers from a key level and retests that level as a support.

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.