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Crypto Market Analyst Says Dogecoin Could Rally 1K% In The Coming Months

Benzinga logo Benzinga 10/16/2021 Michael Cohen
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Justin Bennet, a crypto market analyst with 78,000 Twitter followers, says Dogecoin (CRYPTO: DOGE) may soon begin a 500-1000% rally.

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.

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


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