The Price of Dogecoin is Predicted to Pull Off a 1000% Spike! Here’s Why It’s Possible?

On Monday, cryptocurrency prices fluctuated, with most of them, including XRP and Dogecoin, trading lower.

Bitcoin's value had surpassed $55,000. It has climbed by around 15% in the last seven days. Ether was trading at $3,602, up 0.50 percent from the day before. XRP, Cardano, Polkadot, Stellar, Uniswap, Dogecoin, and Chainlink were all trading at lower prices than 24 hours earlier.

Early Monday morning, the DOGE price was trading at $0.23, down 4.71 percent in 24 hours. The meme cryptocurrency has climbed 9.37 percent over a seven-day tracking period. DOGE has lost 6.26 percent and 2.68 percent against Bitcoin and Ethereum in the previous 24 hours, respectively.

With only 1,276 mentions on Twitter at the time of publication, the token did not generate any buzz. The most attention was shown in BTC and SHIBA INU.

DOGE Price in for a 1000% Spike?

Dogecoin (DOGE) could see a surge similar to its massive breakout in April, according to Justin Bennett, a leading crypto strategist and trader.

He tells his Twitter followers that the present price movement of the leading meme cryptocurrency recalls a technical trend witnessed in DOGE six months ago before it began a 13x rise.

Bennet recalls that the prior two breakouts resulted in gains of more than 1000 percent, and that the most recent consolidation phase has lasted three times. As a result, the pattern that followed the 1,200 percent breakthrough in April will continue.

“This Is One To Keep An Eye On If BTC Behaves,” he added.

DOGE is printing a large ascending triangle formation, a bullish pattern that signals an asset's rise will continue, according to the trader’s chart. If Bennett's script is followed, DOGE, the 10th largest cryptocurrency, may grow to $3, marking a 1,150 percent increase from its current price of $0.24.

Bennett is bullish on DOGE in the short term, signalling that the 10th largest crypto currency is about to break over its massive diagonal barrier.

DOGE is trading at $0.235 at the time of writing, down 3.5 percent in the last 24 hours.

Disclaimer: The information provided here is for educational purposes only and does not constitute investment advice. It does not necessarily reflect Coinpedia's point of view. Every investment and trade involves risk, you should always conduct your own research before making a choice. We do not advise investing funds that you cannot afford to lose.

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