Quick Summary:
Analyst Ali Martinez reports a bull pennant breakout on DOGE/USDT.
Forecasts a rally to 0.31 with the 1.414 Fibs extension.
The resistance zone of DOGE to this day is at 0.25–0.26.
Low volume and analyst Chad confirms that the stock shows bullish weekly structure with higher highs and lows.
Dogecoin follows its upward trend caused by recent Bitcoin surge.
Dogecoin is Ready to Rise as Bullish Breakout Occurred
Dogecoin (DOGE) is back in the crypto market making waves due to the new bullish sentiment that was triggered by a new wave of Bitcoin rise. Meme-coin has recently succeeded in exiting an important technical structure and according to the cypherpunk scrupulous Ali Martinez, Shiba Inu can most probably charge to the price of $0.31.
With the DOGE marked on the DOGE/USDT 1-hour chart, Martinez observed that the coin seems to have broken out of a major resistance. The biggest point in his analysis is that there is a bullish trend in the pennant breakout that was created as the Dogecoin rallied to see a high of $0.26 on May 11 and then a consolidation period came in.
The Target: Fibonacci of 0.31 in Action
Martinez is using its $0.31 price target based on the 1.414 Fibonacci extension that creates a possible 29 percent increase based on its current standpoint. Nevertheless, he adds that the band of 0.25 to 0.26 is a very significant supply area, and it needs to be intersected to indicate the long-term bullish price action.
This is a key resistance level in the past and a successful breakthrough of this level may confirm a bigger trend in the upward direction.
Bullish Case Gets Back-Up Weekly Structure
To further support the bullish arguments, even the market analyst Chad also offered his point of view saying:
“Well, DOGE in no way appears bearish”
Underlining the higher highs and higher lows that the token has been trading within in the weekly chart.
Chad points to April low of 0.13 and states that it is the lowest point of Dogecoin correction period, which makes the coin to further grow.
What Next on DOGE?
Scientific patterns coincided, and several analysts repeated bullish indicators, which means that Dogecoin might be on the verge of a considerable movement. By breaking out successfully, above $0.26, there is the possibility of retesting the levels towards the end of February, and DOGE should remain a player on the field of the most successful meme coins with concrete momentum.