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Dogecoin (DOGE) is showing enormous potential, as noted by leading market analyst Ali Martinez. According to the Dogecoin analyst, on the weekly chart, sample is breaking out of a multi-year descending triangle pattern, a move generally considered bullish.
While this setup shows Dogecoin’s brewing potential, Martinez noted that the meme coin is brandishing a confirmation of its TD Sequential indicator buy signal within this timeframe. For Dogecoin, the odds of a bullish surge are high, considering its naturally high volatility and a dedicated community that puts sensationalism over the basic fundamentals of the protocol.
At the time of writing, Dogecoin is trading at a price of $0.06876, up 0.24% in the last 24 hours and more than 11% in the last month. According to its outlook, it is set for its best weekly close of the month if the current buying momentum is maintained. If the predictions on the chart shared by Martinez develop as designed, Dogecoin could reach a high of $0.739 in the coming months.
While the best-case scenario, as charted by Martinez, is pegged above $1, intermittent corrections are imminent along the way. It is worth mentioning that the $1 price target remains the ultimate goal of the DOGE ecosystem, and whether or not this level will be reached is beyond mere predictions for now.
Dogecoin benefits from market rally
Dogecoin is on an uproar, in line with the broader market trajectory. The altcoin has followed Bitcoin’s parabolic run so far this month, driving the same sentiment that borders on the likelihood of Bitcoin spot exchange-traded fund (ETF) approval.
Amid these sentiments, we have seen the resurgence of dormant DOGE wallet addresses and an increase in Dogecoin whale participation across the board. All of these network events underline the fact that Dogecoin’s bullish breakout could be closer than anticipated.
