Crypto analyst and trader Ali Martinez has shared his opinion on the potential future price performance of Dogecoin. The expert believes that the original canine cryptocurrency based on Shiba Inu memes could reach up to $1.
The analyst stated that DOGE is currently ending its multi-year Descending Triangle pattern. Once DOGE gets out of there, it may start to rise, which will trigger a new bull run, according to Ali’s X post.
A New Bull Run Can Potentially Take DOGE To $1
If the weekly DOGE candle closes above the $0.0835 level, this could be the start of a new bull run for DOGE, potentially taking the meme coin to the long-awaited $1 mark.
However, the analyst also warns that traders should keep an eye on the $0.0482 support level, as “any sign of weakness around this level could lead to a new yearly low.”
At the time of writing, DOGE is changing hands at $0.0586. Since October 2, the leading meme coin has lost 8.46% and the price fell from $0.0640 to the level it is currently trading at. The good news is that Dogecoin is making persistent attempts to recover and in the last two days, it has gained 2.31%.
DOGE Developer Warns Against ‘Bull Market’
The Dogecoin developer known as @mishaboar on the social media platform
He claimed that many, including cryptocurrency maximalists, are promising bull markets soon and are pushing people to speculate in cryptocurrencies. “Crypto speculation is just a game of chance,” she believes, regardless of whether you hold Bitcoin or DOGE.
Mishaboar explains his skepticism by saying that “the market is unfair and corrupt, it generates value from sentiment and talk,” and many people in it do not understand all the risks of cryptocurrency speculation.
Instead of gambling, the developer recommends that people start using cryptocurrencies as currency without centralized control. He then went further and recommended that people should learn about coding: “Instead, you can use cryptocurrencies to learn about coding, for example, to understand more about how the economy works and about the risks of centralization.”
