Dogecoin Could See A 60% Move If It Breaks Out Of This Range, Says Analyst — But What Determines Its Direction?
A widely followed cryptocurrency analyst on Thursday projected a 60% price move for Dogecoin (CRYPTO: DOGE) once it breaks free from a symmetrical triangle pattern.
What happened: Ali Martinez said the dog-themed cryptocurrency looks "prime" for a 60% move. He highlighted a symmetrical triangle chart formation, characterized by two converging trendlines. It typically indicates a period of consolidation in the market before a potential breakout or breakdown.
"All you need to do is wait for a daily close outside of the $0.16 to $0.22 range to determine the direction of the trend," he added
A cryptocurrency trader operating under the pseudonym BitGuru said DOGE exhibited a "clear downtrend structure," forming lower highs from $0.2547 to $0.2069.
That said, derivatives traders were still highly bullish on the coin. More than 75% of Binance traders with open DOGE positions were long as of this writing, according to Coinglass.
Meanwhile, the Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled a "Buy" for DOGE, according to data from TradingView.
The Bull Bear Power indicator, however, flashed "Sell," indicating a balance between buyers and sellers in the market.
The world’s largest memecoin by market capitalization has retreated sharply from its May highs, pressurized by ongoing geopolitical tensions.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1682, down 2.20% in the last 24 hours, according to data from Benzinga Pro.
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