Cryptocurrency

COIN

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Dogecoin

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 <p class="paragraph">A fresh wave of investor optimism has breathed new life into the crypto markets over the past week, driving Bitcoin (BTC) above the elusive $34,000 threshold, a level it hadn’t seen since May 2022.&nbsp;</p>
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 <p class="paragraph">Notably, amidst this resurgence, Dogecoin (DOGE), the leading meme-inspired cryptocurrency, emerged as one of the standout performers.&nbsp;</p>
 <p class="paragraph">However, the excitement surrounding DOGE’s fortunes may not be over. On October 29, renowned cryptocurrency analyst Ali Martinez unveiled a significant bullish development for this unconventional digital asset, signaling potential further gains on the horizon.</p>
 <p class="paragraph">According to Martinez, also known as <em>ali_charts</em> on X, Dogecoin is demonstrating “promising signs,” with the cryptocurrency “<a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>ing out of a <a rel="noopener noreferrer nofollow" title="multi-year" href="https://thebittimes.com/tag/multi-year.html">multi-year</a> descending triangle” on the weekly chart.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/0z23KUAQAisaWlLzRk22E7bW1FMD0bP-qRMMNiqzDhKJQiRcVxMxIXq_UpXbzAkdI5UnYcf2-htZ3M_o2cP894LrfbwikKGTT-Nf84gph0-a_s1rZEO-YSLnHCZf3ZTh3IYzZyKkoJUsaaM9-CRl-JU" alt>
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   DOGE breaks out of a multi-year descending triangle pattern. Source: Ali Martinez
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 <p class="paragraph">As can be seen from the above chart, DOGE has been stuck in a descending triangle formation since around May 2021 and has managed to ‘escape’ with the latest rally.&nbsp;</p>
 <p class="paragraph">A descending triangle is a <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> chart <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> in technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. It typically indicates a continuation of a downtrend and suggests that the price is more likely to <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> down below the support line than to <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a> upward through the resistance line.</p>
 <p class="paragraph">As per Martinez, the <a rel="noopener noreferrer nofollow" title="break" href="https://thebittimes.com/tag/break.html">break</a>out confirms the buy signal that was previously flashed by the TD Sequential Indicator, reinforcing the “bullish outlook” for DOGE.</p>
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    <p lang="en" dir="ltr">#Dogecoin appears ready to start a new uptrend! <br><br>The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070. pic.twitter.com/XAGjXHMiOe</p>— Ali (@ali_charts) October 21, 2023
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 <h2 class="wp-block-heading" id="h-doge-price-analysis">DOGE price analysis</h2>
 <p class="paragraph">At the time of publication on October 30, DOGE was sitting at $0.069, up 0.94% in the past 24 hours.</p>
 <p class="paragraph">The meme cryptocurrency gained around 7% on the week and more than 12.5% on the monthly chart, adding $1.1 billion in market cap during this run.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/2_AKWh2AFGEN7Aec-Sow6sKgNcUPqCXPsKhMpeO1yaqUVdPLuf6AKqoWCMV6uFy3OzzrGQKvRMfVAF3Qahy3rhUi7f___Dk1M3ub1is6rnoANL9CaYUZZDidxUAUrbFQARP0poP4bYB13rJSnBhIGBY" alt>
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   DOGE 1-month price chart. Source: Finbold
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 <p class="paragraph">At its current price, Dogecoin is trading above the 200-day moving average (DMA), which is located at $0.068. This price level, and the 100-DMA at $0.065, act as support thresholds for DOGE.&nbsp;</p>
 <p class="paragraph">On the upside, the cryptocurrency faces resistance at $0.071 and $0.077 price points, indicating zones where selling pressure could increase.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/can-doge-reach-0-1-as-it-breaks-out-of-multi-year-bearish-pattern-tbt68342.html">https://thebittimes.com/can-doge-reach-0-1-as-it-breaks-out-of-multi-year-bearish-pattern-tbt68342.html</a></p>

Can DOGE reach $0.1 as it breaks out of multi-year bearish pattern?

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