Dogecoin Primed for Potential Surge After Key Support Retest
The price of Dogecoin has recently completed a crucial retest of a significant support level, paving the way for a potential upward trend. According to renowned cryptocurrency analyst, Trader Tardigrade, Dogecoin could be on the brink of reaching new all-time highs. Historical chart patterns indicate that a parabolic rise may soon unfold.
Dogecoin Completes Critical Support Retest
In a recent post on X (formerly known as Twitter), Trader Tardigrade announced that Dogecoin has successfully finished its final retest of an essential support level at $0.31. The analyst shared a chart forecasting Dogecoin’s upcoming major rally and price trajectory, drawing insights from historical trends.
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This comprehensive chart, depicting Dogecoin’s price movements from 2014 to the present, showcases periods characterized by consolidation, breakout phases, and substantial parabolic growth. In past market cycles, Dogecoin has demonstrated similar price patterns and market dynamics, with each cycle featuring a prolonged period of sideways movement, a breakout through key resistance, and a subsequent retest of this resistance as newfound support.
In 2017, Dogecoin underwent its first final support retest at approximately $0.00095 before experiencing a remarkable rally, propelling its price to $0.02. A comparable pattern emerged in early 2021 during the previous bull market when Dogecoin completed its final support retest and surged to an unprecedented high exceeding $0.7.
Trader Tardigrade has identified that Dogecoin is mirroring this historical trend pattern in its current cycle. The recent completion of its final support retest reinforces his prediction, potentially signaling the onset of its next parabolic rally.
Drawing from recurrent historical price action, the analyst forecasts that Dogecoin could achieve a new all-time high of $4.5, representing an astounding 1,306% increase from its current market valuation.
Potential Breakout From Symmetrical Triangle Pattern
In a subsequent post on X, Trader Tardigrade noted the formation of a Symmetrical Triangle on the Dogecoin chart. The current trading range within this triangle suggests that the meme coin might undergo a period of consolidation before a potential breakout.
The analyst has highlighted that the Symmetrical Triangle serves as a “strong foundation” for Dogecoin, representing a crucial consolidation zone. The chart, marked by a pink arrow, indicates a bullish breakout towards Dogecoin’s next price target.
Trader Tardigrade anticipates that Dogecoin could break through the upper trendline of the Symmetrical Triangle, potentially driving its upward momentum. This upper trendline is marked at $0.32, aligning with Dogecoin’s present market value.
Over the past month, Dogecoin has experienced a 25% decline, bringing its price down from above $0.4 to $0.32. Despite decreased market volatility, the popular meme coin has been entrenched in a prolonged downturn and consolidation phase. Nonetheless, Trader Tardigrade predicts that Dogecoin could rally to $0.355 following the anticipated breakout from the Symmetrical Triangle.
As DOGE bulls strive to maintain gains, the market eagerly awaits the potential bullish momentum that could propel Dogecoin towards unprecedented price levels.
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