Dogecoin (CRYPTO: DOGE) is headed for much higher highs, according to cryptocurrency market analyst Gianni Di Poce.
What Happened: Speaking at the Benzinga Crypto Trading Festival, Di Poce — financial analyst and president at market research firm The Mercator — said that he “wouldn’t be surprised to see DOGE at over a buck a coin.”
The market analyst explained that the coin is now forming something that resembles a bull flag or a bull pennant and that we should expect new highs if it were to break the upper trendline.
He also explained that Dogecoin recently broke a three-year mostly horizontal drift, breaking resistance and then seeing new all-time highs.
He mentioned that the idea that the longer a tradable good lateralizes, the more intense its trend is gonna be is widely believed among traders, suggesting that Dogecoin fans are in for a major ride.
The report follows a recent market analysis suggesting that there’s hope for Dogecoin to re-ignite its bullish trend after forming a bull pennant that could power its price past $0.30.
Price Action: According to CoinMarketCap data, Dogecoin was trading at $0.2778 at press time, losing 0.7% over the last 24 hours.
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