Dogecoin Mirroring Historical Pattern that Saw it Skyrocket by 28,770%

As Dogecoin (DOGE) edges closer to the psychological price of $0.1, the tenth-largest cryptocurrency based on market value continues to enjoy notable momentum.

As a result, top market analyst Ali Martinez believes that Dogecoin might be eyeing a historical pattern which might see DOGE scale heights.

Taking on X, formerly Twitter, Martinez explained, “The price action of Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.”

Source: Ali Martinez

The analyst added that Dogecoin might be mirroring this pattern since it has exited a descending triangle. Consequently, the leading meme coin has entered a consolidation phase that might trigger a significant bull run that will see DOGE hit the $0.15 price level.

Is it a Matter of Time Before Dogecoin Reaches $0.5?

Following the formation of an asymmetrical triangle, Dogecoin is eyeing a significant breakout that will propel the price above the psychological price of $0.5.

Market analyst Jon recently echoed these sentiments that Dogecoin was adhering to market trends and it could soon breach the $0.1 level.

At press time, Dogecoin was a stone’s throw away from this price since DOGE was up by 14.7% in the past week to hit $0.095, according to CoinGecko data.

Therefore, it’s a matter of when not if Dogecoin will breach this level thanks to factors like heightened network activity and adoption.

For instance, DOGE continues to be a favoured payment method, given that leading Italian luxury car manufacturer Ferrari added the coin as one of the payment options.