A prominent cryptocurrency analyst who accurately predicted the collapse of Bitcoin in May 2021 is now making a bullish call on Dogecoin. The pseudonymous trader, Dave the Wave, suggests that the memecoin could see a substantial price increase as it breaks through a key resistance level.
The analyst believes that if Dogecoin successfully breaks above the resistance level of the ascending triangle, it could signal a substantial price increase. Dave the Wave even suggested that the memecoin could potentially reach its all-time high of $0.73 during this cycle.
Furthermore, Dave the Wave noted that Dogecoin may also be consolidating within a broader symmetrical triangle pattern. A breakout from this formation could propel the memecoin’s price towards the $0.20 range.
The recent surge in active Dogecoin addresses, as reported by Santiment, further supports the bullish sentiment surrounding the cryptocurrency. This growth in network activity suggests that Dogecoin is gaining traction and could potentially fuel a price increase.
October 2024, Cryptoniteuae
