2024

Dogecoin

Epic

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In a recent tweet, crypto analyst Ali predicts an epic breakout scenario for the first and largest dog-themed cryptocurrency by market capitalization, <a href="https://u.today/dogecoin-doge-shows-surprising-resilience-amid-market-uncertainty-heres-how" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a>.&nbsp;
Dogecoin experienced lackluster price activity in April, closing the month down 40%. May has also kicked off with a slow start for the dog coin, with its price down 3.39%&nbsp;so far. The current Dogecoin price activity has piqued the interest of traders and analysts, with many eagerly watching its movements to see what happens next.&nbsp;
According to crypto analyst <a href="https://twitter.com/ali_charts/status/1785808734788173993" rel="noopener noreferrer nofollow">Ali</a>, Dogecoin's price fall is typical of its behavior before&nbsp;major&nbsp;bull runs. Furthermore, Dogecoin's current 47% fall could be a healthy retracement, paving the way for a potential bull run amid a breakout from a descending triangle pattern.
<blockquote>
 🧵 The ongoing <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> price correction is part of its usual behavior before massive bull runs! Let's dive in 👇— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1785808734788173993?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 1, 2024</a>
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The descending triangle pattern, characterized by lower highs and horizontal support levels, usually&nbsp;signals a period of consolidation followed by a breakout. Given Dogecoin's history, the breakout from this pattern could be especially noteworthy.&nbsp;
Ali cites examples to bring home his point. In 2017, DOGE broke out of a descending triangle. Afterward, the price retraced by 40% before entering a 982% bull run. Similarly, in 2021, Dogecoin broke out of a descending triangle and then retraced by 56% before rising by a massive 12,197%.&nbsp;
Fast forward to 2024, and Dogecoin has&nbsp;once&nbsp;again broken out of a descending triangle and is currently experiencing a 47% price correction, much like past cycles.&nbsp;
With <a href="https://u.today/dogecoin-spotlight-key-on-chain-metric-flashes-green-despite-doges-8-drop" rel="noopener noreferrer nofollow">DOGE</a> breaking out of a descending triangle pattern and undergoing a significant correction, the stage might be set for a potential bull run, propelling the dog coin to new highs.&nbsp;
However, as with any prediction on the cryptocurrency market, there are no guarantees, and past performance does not guarantee future outcomes. Whether Dogecoin will soar to new highs or not remains to&nbsp;be seen.&nbsp;
At the time of writing, <a href="https://u.today/dogecoin-doge-non-empty-wallets-skyrocket-by-138-in-months" rel="noopener noreferrer nofollow">Dogecoin</a> was up 2.93% in the last 24 hours to $0.128, mirroring the general market rebound after a slump at the start of May.

Dogecoin (DOGE) Epic Breakout Scenario Predicted by Crypto Analyst

U_Today

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