Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has found itself confined to a narrow trading range recently, with its price struggling to make a noteworthy breakthrough beyond the $0.06 mark for the past two months.
This stagnation coincides with the ongoing uncertainty prevailing in the broader cryptocurrency market and a notable decline in Dogecoin’s daily transaction volume, underscoring waning network activity.
However, on Friday, October 13, crypto analyst Ali Martinez delivered a dose of optimism to the Dogecoin community, with his latest analysis suggesting positive signals on the meme coin’s price chart.
Notably, Martinez, better known as ali_charts on X.com, pointed out that Dogecoin is “approaching the apex” of a “multi-year descending triangle formation.”
As such, if the meme coin secures a weekly close above the $0.0835 mark, it could “trigger the beginning of a new DOGE bull run, potentially toward $1,” the cryptocurrency expert highlighted.
On the downside, investors should keep a close eye on the support located at $0.0482 as declining below this level could pave the way for a fresh yearly low, Martinez added.
“Yet, we must watch out for the $0.0482 support, as any sign of weakness around this level could lead to a new yearly low.”– Martinez added.
DOGE price analysis
At press time on October 16, Dogecoin was sitting at $0.06011, up 1.42% in the past 24 hours.
Over the past week, the world’s biggest meme crypto asset rose around 2%, though its performance on the monthly chart stands at a negative 3.8%.
During this 30-day period, DOGE moved in a limited trading range of $0.057 to $0.064, recording just 13 green trading days over that run. Additionally, its price is currently trading below the 200-day moving average (MA).
On a positive note, the cryptocurrency’s 30-day volatility sits at 2.18% and its 1-year price performance is still better than 70% of the top 100 crypto assets.
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