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Analyst predicts 1,500% price increase for Dogecoin

Recently, the price of Dogecoin (DOGE), the largest meme coin by market cap, has been struggling along with the overall cryptocurrency market. However, the latest price action shows an encouraging and positive outlook for the cryptocurrency.

Renowned crypto analyst Ali Martinez recently shared a new view of Dogecoin, speculating on an upcoming price rally for the meme token.

The formation of the Dogecoin descending triangle

Ali Martínez – through a publication on the X platform (formerly Twitter) – presented a target price of $1 for Dogecoin. This price projection revolves around the formation of a multi-year descending triangle on the weekly price chart of DOGE.

The descending triangle is a prominent technical analysis pattern that indicates a bearish market trend. While it is usually a bearish signal suggesting a breakout of the downtrend, it can also be a significant reversal pattern.

In this specific scenario, Dogecoin price has been in a continuous downward trend since May 2021. Prior to this sustained bear run, the cryptocurrency had enjoyed a parabolic rise, with DOGE price reaching the 0 level, $7 (an all-time high). . in April 2021.

As already inferred, this positive streak was short-lived, with the meme coin falling to a low of $0.058 in October 2021. While Dogecoin’s price has momentarily reached the $0.1 mark several times since then, it is currently trading in a range, and at approximately the same price of $0.058.

According to the analyst, this new bull run could cause the value of the meme coin to skyrocket to $1, which implies a significant recovery of 1,580% with respect to the current price.

Be careful with this level, says analyst

Although the chances of a new bull run seem great for Dogecoin, the possibility of a crash still looms. Specifically, Ali Martínez praised $0.0482 as a price level to watch.

This price zone, which is located at the base of the descending triangle, represents an important support zone. The analyst said that any weakness in this area could cause the DOGE price to hit a new yearly low.

At the time of writing, Dogecoin was valued at $0.059329, reflecting a 1.7% price increase from the previous day. According to data from CoinGecko, the daily trading volume of the meme token is $163.3 million, representing a negligible increase of 0.2% from the previous day.

Dogecoin remains among the top 10 cryptocurrencies on the market, with a market value of over $8.3 billion.

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Gucci to Accept Crypto Payments in Retail Stores

High-end fashion house Gucci will begin accepting cryptocurrencies at some of its stores this month, including bitcoin, ether, dogecoin, and shiba inu. The company plans for all of its directly operated stores in North America to accept crypto by this summer.
Gucci to Start Accepting Crypto Payments

Italian high-end luxury fashion house Gucci will start accepting cryptocurrency payments in five stores later this month, Vogue Business reported Wednesday.

The five stores are located in New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).

Gucci will accept bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, dogecoin, shiba inu, and five stablecoins pegged to the U.S. dollar, the publication conveyed.

These coins are the ones supported by popular crypto payment service provider Bitpay, which also supports GUSD, USDC, USDP, DAI, and BUSD stablecoins.

Marco Bizzarri, the president and CEO of Gucci, commented: “Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers.” He added:

Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

The publication added that the fashion house plans for all of its directly operated North American stores to accept crypto payments by this summer.

Gucci has been ramping up its non-fungible token (NFT) and Web3 efforts. The company recently established a Web3-focused team and released a few NFTs.

The fashion house is also establishing a presence in the metaverse. It is developing digital real estate in The Sandbox. The two companies “will collaborate to create an interactive fashion experience based on Vault, Gucci’s conceptual space and meeting place inspired by childhood memories of the search for beauty,” they previously announced.

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