Dogecoin Consolidates In A Descending Triangle: 200% Rally Incoming?
Dogecoin has always been referred to as a notable crypto coin ruling over the sector. The token has been endorsed by Tesla CEO Elon Musk and is known to be consistently revamping its price pace to maintain its price stability. At press time, Doge is trading at $0.1291, up 3% in the last 24 hours. How high can the token trade be in August? Let’s find out.
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Dogecoin’s Descending Triangle: Details
Dogecoin is now entering a “potential” bullish arena. According to crypto analyst Ali Martinez, Doge seems to be consolidating into a descending triangle formation, which, per the analyst, is a positive indication.
Martinez noted how Doge is set for a price rally, which may push its momentum by a staggering 140%–200%. The token is also retracing by 56–60%. Once the process was over, the analyst shared how Doge could enter into a stellar bull run. The kind that helps push the price of doge by a staggering 140%–230%.
“I haven’t sold one single DOGE. I’ve just been buying!#Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run. So now we just wait!!!.”
Martinez further shared how one should currently explore Doge and buy the dip, as the analyst himself has been doing so as of late.
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Dogecoin Price Forecast
Despite stellar price forecasts and metrics, Dogecoin has yet to show its full mettle to the world. According to Changelly, the token may spike by 2% in July to trade at $0.123.
“Crypto experts have analyzed Dogecoin prices in 2024, so they are ready to provide their estimated trading average for July 2024: $0.123. The lowest and peak DOGE rates might be $0.122 and $0.125.”
For August, the platform shares that the token may encounter friction in its wake and may retrace to trade at $0.122.
Crypto analysts expect that at the end of summer 2024, the DOGE price will be around $0.114. In August 2024, the Dogecoin cost may drop to a minimum of $0.106. The expected peak value might be $0.122 in August 2024.