Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has struggled alongside the general cryptocurrency market. However, the latest price action displays an exciting and positive outlook for the cryptocurrency.
Renowned crypto analyst Ali Martinez recently shared a fresh insight on Dogecoin, speculating on a forthcoming price rally for the meme token.
The Dogecoin Descending Triangle Formation
Ali Martinez – via a post on the X (formerly Twitter) platform – put forward a $1 price target for Dogecoin. This price projection revolves around the multi-year descending triangle formation on DOGE’s weekly price chart.
The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. Although it is often a bearish sign that suggests a downward trend breakout, it can also be a significant reversal pattern.
In this particular scenario, the Dogecoin price< ..
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