Market veteran Ali Martinez believes Dogecoin will rise parabolically in November, identifying key levels to watch for a potential breakout.
Martinez made this clear in his latest analysis, suggesting that Dogecoin could enter a parabolic rally in the coming weeks. His analysis focuses on the historical patterns of the one-month Dogecoin (DOGE) price chart.
The chart data reveals recurring setups and breakout signals. Martinez noted that November could be a noteworthy month with key price levels as potential breakout points.
Dogecoin’s historical descending triangle
According to the chart, Dogecoin has entered a descending triangle pattern at three different times since January 2014. Both of the previous two patterns preceded a major breakout, indicating a possible repeat of Dogecoin’s price trajectory as a third pattern sets in.
Dogecoin 1M Chart | Ari Chart
After DOGE collapsed from its peak of $0.00232 in January 2014, the first descending triangle began to form. This pattern lasted for 38 months, approximately 1,155 days, until Dogecoin began its breakout in March 2017. The breakout led to an 8,933% rise, peaking at $0.01877 in January 2018.
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As Dogecoin fell from its peak of $0.01877 in January 2018, a second descending triangle began to form. The adjustment lasted 36 months and was equivalent to 1,096 days. However, once the breakout occurred in January 2021, DOGE soared 15,524%, reaching an all-time high of $0.7390 by May 2021.
possible repetition
Martinez identified Dogecoin’s 2024 price trend as forming a third triangle after the decline from $0.7390, indicating a setup similar to these past bull markets. After consolidating for 42 months or 1,280 days, Dogecoin has begun to test the upper bound of this descending structure.
Notably, the current price level is just above $0.17 and close to the key resistance level at $0.20. Martinez identified the $0.20 price level as an important zone to watch. If DOGE decisively breaks out of this area, it could trigger a new bull market, potentially mirroring the explosive moves seen in previous breakouts.
Dogecoin has seen an impressive rally this month, and is already setting the stage for this rally. For context, Meme King is up 48% this October despite the turmoil it faced earlier in the month.
At the time of writing, DOGE is trading at $0.1690, so two major resistance points will need to be overcome for a definitive close above $0.20. The first resistance lies at the $0.1775 level and the second at $0.2003. Above this, Dogecoin could aim for $0.2231.
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