Cryptocurrency analyst predicts Dogecoin growth by 40%

In a new post on X, analyst Ali Martinez drew attention to the technical formation in which Dogecoin is currently located DOGE $0.21 Binance-Peg Dogecoin -0.52% Market capitalization $0.54 billion VOL. 24 hours $0.48 billion . It is a symmetrical triangle, a classic consolidation pattern that forms when the price moves between two converging trend lines. The upper boundary usually acts as a resistance zone, while the lower one is a support zone. A breakout of one of them often opens the way to a strong movement in the direction of a breakout.

According to the chart published by Martinez, Dogecoin recently broke off the upper boundary of the triangle and went down to its middle. In such formations, the probability of a breakout increases as the price approaches the top of the triangle. At the moment, DOGE has already moved quite far inside this range, which increases the chances of an exit formation in the near future.

Martinez believes that based on this pattern, Dogecoin is preparing to move by about 40%. However, it is too early to determine the direction: the symmetrical triangle does not have a built-in bullish or bearish bias, so the chance of a breakout in either direction remains approximately equal.

The situation is further complicated by the fact that the coin is currently at almost the same distance from both trend lines. Therefore, it is impossible to predict whether DOGE will test support or resistance next.

At the time of writing, Dogecoin is trading around $ 0.21, having lost more than 3% over the past week. If there is a breakdown, it could fall to new local lows, while an upward breakout could trigger a large-scale growth momentum.