As a seasoned crypto investor with a knack for spotting trends and predicting market movements, I’ve learned to keep a keen eye on analysts like Dave the Wave. His accurate prediction about Bitcoin’s collapse last year caught many off guard, so when he’s bullish on Dogecoin, it’s hard not to pay attention.
As a seasoned cryptocurrency analyst, I’ve had my share of accurate predictions – like the Bitcoin crash in May 2021. Now, I’m taking a bold stance on Dogecoin, a meme-based cryptocurrency. I see it breaking through a significant resistance level, which could lead to a substantial price surge.
In a recent update, an anonymous trader known as Dave the Wave, who has an impressive 146,500 followers on the platform X (previously known as Twitter), proposes that the memecoin might be on the verge of a significant price surge. He points out a bullish ascending triangle formation on Dogecoin’s daily graph as evidence for his optimistic outlook.
Should the digital asset manage to surpass this significant barrier in its current trend, the analyst suggests it might indicate a notable jump in its value.
Tell me that ‘aint bullish.😎
— dave the wave🌊🌓 (@davthewave) October 18, 2024
A notable fact is that an ascending triangle is a chart pattern employed by technical analysts to forecast price trends. This pattern is created by a horizontal line linking the highest prices and an upward-sloping line joining the lowest prices. When put together, these lines form a triangle shape that serves as a tool for identifying potential breakouts, either increasing or decreasing in price.
Triangles shaped like ascenders (rising triangles) are often interpreted as continuation formations. This suggests that the price movement is likely to carry on in the same trajectory as it was before the triangle appeared.
Based on expert analysis, it’s possible that Dogecoin is forming a symmetrical triangle pattern, indicating a potential consolidation phase. If this pattern breaks, it might drive the price of the meme coin towards around $0.20. In fact, some analysts like Dave the Wave posit that Dogecoin could even revisit its all-time high of $0.73 during this market cycle.
Earlier this month, it was reported that a cryptocurrency inspired by memes experienced its “most significant increase in active users within the past half-year,” with the number of users interacting on its blockchain reaching 84,306.
Based on analysis by on-chain firm Santiment, as reported earlier by well-known crypto analyst Ali Martinez, it appears that the Dogecoin network is currently undergoing substantial expansion.
According to Martinez’s report, there has been a significant surge – about 72% – in the number of new Dogecoin (DOGE) accounts created during the past week. On one particular day, more than 19,600 new accounts were added to its network.
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2024-10-23 06:00