Dogecoin (DOGE) Shows Two Signs It Is Ready for Breakout

Oct 30, 202308:12 UTC

Dogecoin DOGEUSD is showcasing enormous potential, as marked by top market analyst Ali Martinez. Per the analyst, Dogecoin, on the weekly chart, shows it is breaking out from a multiyear descending triangle pattern, a move that is generally considered bullish.

While this setup shows Dogecoin's brewing potential, Martinez pointed out that the meme coin is brandishing a confirmation of its buy signal from the TD Sequential indicator within this time frame. For Dogecoin, the odds of a bullish surge are high, considering its naturally high volatility and a dedicated community that places sensationalism over core protocol fundamentals.

At the time of writing, Dogecoin is trading at a price of $0.06876, up 0.24% in the past 24 hours and by more than 11% in the past month. Per its outlook, it is ready for its best weekly close for the month if the current buying momentum is sustained. Should the predictions from the chart shared by Martinez play out as designed, Dogecoin might touch a high of $0.739 in the coming months.

#Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the $DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces #DOGE bullish outlook. pic.twitter.com/ao7VXyxaEa— Ali (@ali_charts) October 29, 2023

While the best-case scenario as charted by Martinez is pegged above $1, intermittent corrections are imminent along the way. It is worth mentioning that the $1 price target remains the ultimate pursuit of the DOGE ecosystem, and whether or not this level will be reached goes beyond mere predictions for now.

Dogecoin benefiting from market rally

Dogecoin is on a rampage, in line with the broader market trajectory. The altcoin has trailed Bitcoin's parabolic run thus far this month, riding the same sentiment bordering on the likelihood of Bitcoin spot exchange-traded fund (ETF) approval.

Amid these sentiments, we have seen the reemergence of dormant DOGE wallet addresses and a surge in Dogecoin whale participation across the board. All of these network events underscore the fact that Dogecoin's bullish breakout might be nearer than envisaged.