Analyst Says DOGE Could See a Bull Run due to a Specific Scenario
Ali Martinez, the renowned crypto trader and analyst, discussed his take on the future price performance of Dogecoin.
According to the expert, the original canine token based on ShibaInu memes could actually see its price rise as high as $1.
The analyst went on to say that currently, the meme token was on course to finish its multi-year descending triangle pattern.
Once the original meme token manages to break out of this pattern, it could start rising and this could result in a new bull run for it.
The bull run
As per Ali’s post, if the weekly DOGE candle succeeds in closing above the $0.0835 level, then it could see the largest mem token start a new bull run.
This would drive it to the highly anticipated $1 mark. But, the analyst also warned that a support level that traders should keep an eye on is $0.0482.
It is because if DOGE shows any sign of weakness near this support level, then it could push the meme token to a new yearly low.
At publishing time, the meme token was changing hands at a price of $0.0586. Since October 2nd, it has seen its value drop by 8.46%, as it went from $0.0640 to its current price.
Warning
The good thing about the leading meme token is that it has been persistently making attempts to record a recovery, which has seen it gain 2.31% in the last two days.
However, a warning has also been issued by a Dogecoin developer, as he has sharply criticized those in the crypto community who have been predicting the arrival of a bull market soon.
Taking to X, @mishaboarsaid that a number of people, including crypto maximalists had said that bull markets would arrive soon and were pushing people to engage in crypto speculation.
He stated that crypto speculation is no different from gambling, regardless of whether people hold DOGE or BTC.
The skepticism
Mishaboar said that he was skeptical because it is a corrupted and unfair market that manages to build value out of hot air and sentiment.
Moreover, there are a lot of people in the market who do not have a clear understanding of the risks associated with crypto speculation.
The developer suggested that instead of gambling, people should begin using crypto as a currency that is free of centralized control.
He went on to say that people should also learn about coding because this would help them understand the risk of centralization and how the economy works.
