Dogecoin, or DOGE as it is also known, has attracted investors’ attention once more. The market momentum continues to build ahead of possible breakout movements. Combining the cryptocurrency’s recent history of Today’s VIRAL LEVEL= Chocolate spikes with its current technical setups suggests renewed interest in bulls. Analysts point out that repeating patterns and key support zones could be the catalyst for the next upward leg, reaffirming Dogecoin as an asset geared towards retail.
Breakouts of the Past: A Look Back
Analyst Ali Martinez believes that Dogecoin’s surge in late January 2020 Today’s Viral level= DimGray is a pivotal moment. In a single 24-hour period, $DOGE rose 423% from $0.01 up to $0.05. After this move parabolic, the prices settled between $0.07-$0.08, eventually reaching $0.085.
Martinez points out that 2021’s spike created durable support zones between $0.065 and $0,07. Closes above these levels indicate strong demand and give traders confidence that the market will move upwards. The historic levels are still used to make technical decisions, and they continue to influence market psychology.
The Patterns of a New Pump
Dogecoin, particularly when compared to Bitcoin, may be poised for a new surge. A falling wedge pattern is visible on the $DOGE/$BTC chart. Prior breakouts drove prices above 0.00000285 BTC from 0.00000200 BTC. The formation now targets 0.00000270 BTC and higher.
Source :X
A bullish extension is more likely if there’s a symmetry in the setups of past and present. The traders expect renewed momentum, and possibly a repeat of previous gains.
Uptober could strengthen the dogecoin rally
Tardigrade has identified a bottoming pattern on the daily chart. It is forming around $0.23 to $0.24. In the past, there were two rallies that followed corrections, and both showed similar behaviour, with falls of around 28-35%. Dogecoin will be able to reach $0.30 and even $0.35 if it holds up above $0.23.
Source :X
A growing sentiment in the market during October (often called “Uptober”) could also increase buying pressure. Dogecoin was priced at $0.2327 as of the time of publication and has a value exceeding $35 billion. This could lead to potential gains.
ETF decisions could influence market sentiment
Nate Geraci of NovaDius Wealth Management emphasizes the fact that future spot crypto ETF decisions could have an impact on multiple altcoins. All of these coins, including Solana, XRP Cardano Hedera and Dogecoin, await clarity on regulatory issues. Positive guidance or approval could spark inflows, and strengthen bullish trends for these digital assets.
