Dogecoin Ready For 5,001,000% Multi-Month Rally If It Reaches This Level, Says Crypto Analyst Justin Bennett

[ad_1]

Crypto market analyst Justin Bennett believes Dogecoin (DOGE) is ready 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 believes the crypto asset meme Dogecoin could start a 500-1000% rise over several months if it can recover to the $ 0.24 level.

DOGE just needs to remove that area above $ 0.24.

Do that, and a multi-month rally begins, IMO (in my opinion).

Probably 500 to 1000% increase if this is confirmed.

Source: Justin Bennett / Twitter

According to Bennett’s analysis, if DOGE can break through $ 0.24, he expects a short-lived pump-up to a previous high of $ 0.26 before retesting $ 0.24 and rising 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 very crypto asset coils and forms a large triangular pattern. Forming a triangle in an uptrend suggests a bullish pursuit of an asset once it exits diagonal resistance. According to Bennett’s chart, DOGE has printed the same design twice this year. In both cases, massive acceleration followed the breakout.

Source: Justin Bennett / Twitter

In a recent issue of his market analysis on the Cryptocademy newsletter, Bennett highlights three key price targets DOGE must meet, assuming he can confirm a breakout above $ 0.245.

If that exceeds, goals like $ 0.32, $ 0.42, and $ 0.57 are within reach.

However, keep in mind that a daily close above the upper trendline near $ 0.245 is needed to confirm the breakout.

Source: cryptocademy.com

Looking at DOGE vs. BTC (DOGE / BTC) Bennett predicts the pair will come out of a massive falling wedge formation that has been developing since June.

It’s not just DOGE against the USD either.

This falling wedge on DOGEBTC is ridiculous.

It’s only a matter of time before it skyrockets, IMO.

Source: Justin Bennett / Twitter

The downward wedge formation is a pattern of technical analysis that also suggests an upward movement once the breakout is confirmed.

Don’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix

Check out the latest news. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / Formatoriginal / Tuso chakma

[ad_2]