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Dogecoin May See Start of New Bull Run to $1 If This Scenario Plays Out: Analyst

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Sat, 14/10/2023 - 8:50
Dogecoin May See Start of New Bull Run to $1 If This Scenario Plays Out: Analyst
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Crypto analyst and trader Ali Martinez has shared his take on the future potential Dogecoin price performance. The expert believes that the original canine cryptocurrency based on Shiba Inu memes may potentially rise to as high as $1.

The analyst stated that at the moment, DOGE is finishing its multi-year Descending Triangle pattern. Once DOGE breaks out of it, it may begin rising, triggering a new bull run, per Ali's X post.

New bull run can potentially bring DOGE to $1

If the weekly DOGE candle closes above the $0.0835 level, this could be a start of a new bull run for DOGE, carrying the meme coin potentially to the much-anticipated $1 mark.

However, the analyst also warns that traders should keep an eye on the $0.0482 level of support, since "any sign of weakness around this level could lead to a new yearly low."

At the time of this writing, DOGE is changing hands at $0.0586. Since Oct. 2, the leading meme coin has lost 8.46% with the price dropping from $0.0640 to the level where it is trading at the moment. The good news is that Dogecoin is making persistent attempts to recover, and over the past two days, it has gained 2.31%.

Related

DOGE dev warns against "bull market"

Dogecoin developer known as @mishaboar on the X social media platform has recently published a post, in which he targeted a sharp critique at those in the crypto community who are "predicting" the arrival of bull markets soon.

He stated that many, including cryptocurrency maximalists, are promising bull markets soon and are pushing people to speculation on crypto. "Crypto speculation is just gambling," he believes, regardless of whether you hold Bitcoin or DOGE.

Mishaboar explains his skepticism by saying that "the market is unfair and corrupted, building value out of sentiment and hot air," and a lot of people on it do not understand the full risks of crypto speculation.

Instead of gambling, the developer recommends that people start using crypto as a currency without a centralized control. He then went further and recommended that people should instead learn about coding — "You can instead use crypto to learn about coding, for example, to understand more about how the economy works, and about the risks of centralization."

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