Crypto market analyst Justin Bennett thinks Dogecoin (DOGE) is primed for a massive rally if it successfully recovers a key level and retests it as support.
The analyst tells his 78,000 Twitter followers that he thinks meme crypto asset Dogecoin could begin a 500-1000% multi-month surge if it can reclaim the $0.24 level.
“DOGE just needs to take out that area above $0.24.
Do that, and a multi-month rally begins, IMO (in my opinion).
Probably 500 – 1,000% of upside if it confirms.”
According to Bennett’s analysis, if DOGE can break $0.24, he expects a short-lived pump to a previous high at $0.26 before retesting $0.24 and moving higher. At the time of writing, Dogecoin is trading at $0.236, according to CoinGecko.
The crypto market strategist is also looking at Dogecoin’s daily chart, where the meme crypto asset is coiling and forming a large triangle pattern. The formation of a triangle in an uptrend suggests the bullish continuation of an asset once it takes out its diagonal resistance. According to Bennett’s chart, DOGE has printed the same pattern twice this year. In both instances, massive run-ups followed the breakout.
In a recent issue of his market analysis on the Cryptocademy newsletter, Bennett highlights three key price targets for DOGE to hit, assuming it can confirm a break above $0.245.
“If this breaks higher, targets like $0.32, $0.42, and $0.57 are well within reach.
However, keep in mind that a daily close above the upper trend line near $0.245 is required to confirm the breakout.”
Looking at DOGE against BTC (DOGE/BTC), Bennett predicts the pair will break out of a massive falling wedge formation that’s been developing since June.
“It isn’t just DOGE against the USD, either.
This falling wedge on DOGEBTC is ridiculous.
Only a matter of time before it rockets higher, IMO.”
The falling wedge formation is a technical analysis pattern that also suggests a move to the upside once the breakout is confirmed.
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