Dave Wave: Dogecoin will reach an all-time high in the current cycle

Note: not financial advice!

A well-known cryptocurrency analyst under the pseudonym Dave the Wave, who accurately predicted the fall of Bitcoin BTC $96,046.01 Bitcoin -0.73% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion in May 2021, makes a bold forecast for Dogecoin DOGE $0.12 Department Of Government Efficiency 1.13% Market capitalization $0.12 billion VOL. 24 hours $0.74 billion . In his opinion, meme-coin has the potential for significant growth if it can overcome a key resistance level. The crypto expert points to the formation of a bullish rising triangle pattern on Dogecoin’s daily chart, which could signal an upcoming price spike.

The Rising Triangle is a technical pattern used by analysts to predict price movements. It consists of a horizontal line connecting the price highs and an ascending line connecting the lows. After the completion of this pattern, the price often breaks through the resistance and continues to move in the direction of the previous trend.

The analyst also notes that Dogecoin may be in a consolidation phase within a wide symmetrical triangle. A breakout could raise the price of the cryptocurrency to $ 0.2, and in a positive scenario, even reach its historical high of $ 0.73 in the current cycle.

In early October, Dogecoin recorded a sharp increase in activity when the number of active addresses on its blockchain increased to 84,306, the highest figure in the last six months. According to Santiment, an analytical company cited by popular crypto analyst Ali Martinez, the Dogecoin network is showing significant growth.

Martinez notes that over the past week, the number of new DOGE addresses has increased by 72%, adding more than 19,600 new addresses in just one day. This indicates a growing interest in the main meme asset and the possible potential for its further strengthening in the market.