Dogecoin price could be approaching a massive breakout as it consolidates inside a bullish triangle on the 1-day chart.
While it remains unclear when the rally will occur, the recently filed Grayscale Dogecoin ETF is a major drive. Besides, expert analyst Ali Martinez noted that the meme coin is likely to rally by 40%.
At the time of writing, the price of DOGE price traded at $0.2201, with a daily uptick of 4.91%.
Dogecoin Price Eyes 40% Rally, Says Expert
Renowned trader and analyst Ali Martinez has outlined a bullish setup that shows Dogecoin price could be headed towards 0.3.
According to Ali, the forecast is based on the appearance of a symmetrical triangle on DOGE price’s 12-hour chart.
Historically, this technical formation has often preceded a decisive breakout. If it successfully plays out, the trader pointed out that the 0.5 Fibonacci retracement level at $0.2184 would act as a strong support zone with an upper head resistance around $0.2330.
Meanwhile, if buyers have the ability to sustain renewed interest and sufficient buying pressure, Dogecoin price will next target the 0.786 Fibonacci retracement level at $0.2655.
Finally, it would test or break out of the previous swing high at $0.2874.
Zooming out of the 12-hour chart, an ascending broadening wedge is evident on the 1-week chart, suggesting an explosive price rally to $1.4.
This pattern was also highlighted by analyst Trader Tardigrade. He said that the next target from the current price is $0.48 before tripling in gains to levels above the $1 mark.
Dogecoin’s current price setup has also been printing higher lows within the $0.21 and $0.30 price range between February and August.
It further sparked speculations that the leading meme coin could be gearing up for a likely breakout.
Dogecoin Price Consolidates in an Upward Momentum
To further strengthen Ali Martinez’s bullish thesis is yet another analysis by Dogegod. He illustrated on X using a textbook Elliott Wave Pattern.
According to the technical setup, Dogecoin price is finalizing the last stage of a five-wave bull cycle that kicked off with impulsive and corrective phases. If the pattern plays out successfully, the current wave sequence (v) will extend to $0.30 and $0.32, where it will align with the Fibonacci retracement levels.
Here, the price action forms a bullish continuation that triggers a parabolic surge to $0.40 and $0.45.
Future Outlook
Eyes are on Grayscale’s S-1 registration of a Dogecoin ETF with the United States Securities and Exchange Commission (SEC).
The product will list on the New York Stock Exchange Arca with the ticker GDOG and will provide investors with investment exposure to the meme coin without necessarily having to hodl it.
According to the filing, Coinbase Custody Trust Company will act as the custodian and is going to redeem or issue shares as ‘baskets’, which is a block of 10,000 shares.
