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Analyst Defends $5 Dogecoin Target Despite Current Weakness, Cites Historical Triangle Patterns
- Crypto Elites predicts a $5 Dogecoin target based on historical symmetrical triangle patterns.
- Dogecoin would need a 2,847% rally from current levels to reach $5, resulting in a $750 billion market cap scenario.
- Mixed technical signals: ADX suggests a potential rally, while LMACD indicates weakness.
- Analyst defends the $5 target, stating that those not expecting it 'probably don’t know anything' about Dogecoin's potential.
- Previous symmetrical triangle formations in Dogecoin's history have led to significant price increases.
- The first triangle, when DOGE was at $0.0001, saw a breakout in 2017, driving prices from $0.008 to $0.017.
- The second triangle formed in December 2020 before DOGE surged to $0.73 in 2021.
- The third triangle emerged in 2022 when DOGE was at $0.05, with a breakthrough in 2024 and prices recovering to $0.48.
- Technical analyst Tardigrade notes similarities in current ADX patterns to those before historical rallies, indicating momentum building.
- Tardigrade projects a more conservative target of $4.50, slightly below Crypto Elites' forecast.
- Both analysts agree on the potential for substantial upward movement based on historical trends.
- However, the one-month Logarithmic MACD indicator shows poor momentum and ongoing downturn, according to expert Tony Severino.
- Despite current price weakness, analysts remain optimistic about Dogecoin's long-term bullish thesis.
- The $5 target remains a significant goal that could be achieved based on past price patterns.
- The ADX and historical triangle formations provide support for potential future rallies in Dogecoin.
- The LMACD indicator presents a contrasting view with indications of downward momentum.
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