Dogecoin Leading The Altcoin Charge? Crypto Analyst Points To Technical Breakout

Crypto Tony, on Tuesday, suggested that Dogecoin (CRYPTO: DOGE) could be on the precipice of a major rally. 

What Happened: This prediction comes amid technical indicators displaying a breakout from a longstanding downtrend and patterns synonymous with accumulation phases in DOGE’s price movements.

Crypto Tony said, “WHEN DOGE PUMPS YOU KNOW ALT SEASON IS HERE OR COMING SHORTLY.”

A chart examined by the analyst showcases DOGE overcoming a significant descending trend line, a classic technical indicator that often precedes a reversal of a negative trend. 

Observing the price pattern, DOGE has been in a sustained consolidation phase, forming what seems to be a descending triangle pattern—a technical setup that typically denotes accumulation prior to a breakout. 

Strategy and Outlook: Crypto Tony lays out a trading strategy with a moderate confidence level, awaiting volume confirmation. 

The recommended approach is to go long, with an entry target set at a retest of the breakout point around $0.065 – $0.067. An exit target is suggested at the recent swing high near $0.08, with prospects of an extended target around $0.09 depending on momentum.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Meme coins like Dogecoin and FLOKI (CRYPTO: FLOKI) are drawing significant attention from market analysts who anticipate a strong rally for these meme coins.

Crypto Tony projected a ‘mega pump' for both DOGE and FLOKI, citing technical patterns suggesting a substantial price increase.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?