Benzinga - Crypto Tony, on Tuesday, suggested that Dogecoin (CRYPTO: DOGE) could be on the precipice of a major rally.
What Happened: This prediction comes amid technical indicators displaying a breakout from a longstanding downtrend and patterns synonymous with accumulation phases in DOGE’s price movements.
Crypto Tony said, “WHEN DOGE PUMPS YOU KNOW ALT SEASON IS HERE OR COMING SHORTLY.”
WHEN $DOGE PUMPS YOU KNOW #ALTSEASON IS HERE OR COMING SHORTLY pic.twitter.com/tsupbQwulh— Crypto Tony (@CryptoTony__) November 14, 2023
A chart examined by the analyst showcases DOGE overcoming a significant descending trend line, a classic technical indicator that often precedes a reversal of a negative trend.
Observing the price pattern, DOGE has been in a sustained consolidation phase, forming what seems to be a descending triangle pattern—a technical setup that typically denotes accumulation prior to a breakout.
Strategy and Outlook: Crypto Tony lays out a trading strategy with a moderate confidence level, awaiting volume confirmation.
The recommended approach is to go long, with an entry target set at a retest of the breakout point around $0.065 – $0.067. An exit target is suggested at the recent swing high near $0.08, with prospects of an extended target around $0.09 depending on momentum.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Meme coins like Dogecoin and FLOKI (CRYPTO: FLOKI) are drawing significant attention from market analysts who anticipate a strong rally for these meme coins.
Crypto Tony projected a ‘mega pump' for both DOGE and FLOKI, citing technical patterns suggesting a substantial price increase.
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