Dogecoin (DOGE) Memecoin to Resume Parabolic Rally If Price Closes Above This Key Resistance

Is Dogecoin About to Skyrocket? Chart Patterns Hint at Major Price Surge!

Ali, a crypto analyst, highlights that historical trends suggest November could ignite a parabolic bull run for Dogecoin (DOGE). He emphasizes the importance of monitoring a sustained close above the critical $0.20 mark.

The analyst presents a chart illustrating three notable descending triangle patterns on Dogecoin’s monthly timeframe, each followed by significant breakouts. He breaks down these patterns to analyze their implications for potential future movements.

Key Observations from Historical Patterns:

First Pattern (2015-2017):
A descending triangle developed over approximately 38 months. The price surged past the descending trendline, resulting in an astronomical gain of over 8,933%, marking Dogecoin’s inaugural major rally.

Following an extended consolidation within the triangle, a bullish breakout led to parabolic price movement.

Second Pattern (2018-2021):
Another similar descending triangle formed, lasting about 36 months. This breakout was even more substantial, yielding a gain exceeding 15,524%. The setup and duration closely mirrored the first, leading to another significant rally after a confirmed breakout above the trendline.

Current Pattern (2022-Present):
A comparable descending triangle pattern is currently in play, with Dogecoin consolidating for roughly 42 months. The price approaches the upper boundary of the triangle, near the $0.20 level, which serves as a critical resistance.

According to the analyst, a sustained monthly close above $0.20 could confirm a breakout, potentially triggering another parabolic surge reminiscent of previous patterns.