What Happened: Bennet says Dogecoin is now consolidating and if the crypto is able to reclaim the $0.24 level, it may result in a multi-month price surge. “If this breaks higher, targets like $0.32, $0.42, and $0.57 are well within reach,” Bennet indicated. “However, keep in mind that a daily close above the upper trend line near $0.245 is required to confirm the breakout.”
Bennet says if the $0.24 level is broken and held, he expects price to pump to the previous high of $0.26, before returning to $0.24 and retesting the level before surging higher.
Bennet is analyzing the daily chart for Dogecoin and notes the formation of a large triangle pattern, according to a report from the Daily Hodl.
On Saturday, Bennet tweeted additional analysis of Dogecoin price action, pointing to the meme coin’s attempt to establish a foothold at the $0.24 level.
$DOGE, nice bounce from the intraday channel top as new support.
— Justin Bennett (@JustinBennettFX) October 16, 2021
The crypto market analyst also anticipated the Doge/Bitoin (CRYPTO: BTC) pair to break out from a falling wedge pattern and rocket higher.
Related Link: Dogecoin Lost 70% Against Bitcoin In Six Months