Dogecoin’s Promising Price Trajectory: An In-Depth Analysis
Dogecoin has been on a remarkable upward journey, showing consistent growth within a clearly established “Channel Up” configuration since December 2024. Current technical indicators, coupled with recent price movements, hint at a potential major rally in Dogecoin’s price. A well-regarded crypto analyst has affirmed this optimistic forecast, predicting Dogecoin’s ascent to its initial target of $0.432.
Double Bottom Pattern Signals Bullish Momentum for Dogecoin
The crypto analyst known as ‘TradingShot’ on TradingView has set a new bullish target for Dogecoin, anticipating a rise beyond the $0.4325 mark. According to this market expert, Dogecoin’s price has bounced off the higher lows trendline of its Channel Up structure, forming a distinct Double Bottom pattern.
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In the shared price chart, the analyst emphasizes that Dogecoin has been trading within this Channel Up pattern since reaching a price floor on December 20, 2024. Typically, a double bottom pattern emerges near the higher lows trendline, indicating a potential for upward reversals.
The TradingView analyst also highlighted that whenever Dogecoin forms a Double Bottom near the higher lows trendline, a unique buy signal is generated. Moreover, during each occurrence, the 4-hour Moving Average Convergence Divergence (MACD) shows two successive bullish crosses.
Dogecoin’s next price target is positioned above $0.4325. Historically, when Dogecoin formed two Double Bottoms accompanied by MACD bullish crosses, it led to substantial price rallies. On both occasions, the meme coin surged to the 2.618 Fibonacci extension level, achieving new heights. Based on this historical behavior, the analyst anticipates a similar rally as Dogecoin’s price action seems to be repeating the pattern for the third time.
The technical analysis by the TradingView expert also underscores the importance of various moving averages. The 4-hour MA50 serves as a critical support level, while the MA200 reflects a broader trend. Currently, Dogecoin’s price is rebounding off the Double Bottom near the trendline, with the analyst predicting a short-term rally towards $0.4325, aligning with the 2.618 Fibonacci extension level.
Historical Patterns Hint at Potential Surge Beyond $20
In another insightful analysis, crypto analyst Trader Tardigrade forecasts a significant price surge for Dogecoin during this bull market. The analyst bases this bullish projection on historical patterns, noting that Dogecoin experienced substantial rallies after surpassing previous “candle body highs” in 2017 and 2021. During those periods, the meme coin rose by over 3,000% and 8,000%, respectively.
Drawing from these historical trends, Trader Tardigrade suggests that if Dogecoin follows a similar trajectory, its price could rise to $8.32 before reaching an ultimate target of $20.68. As of now, Dogecoin is trading at $0.34, having declined by over 12% in the past week. To reach the analyst’s projected targets, the meme coin would need to rally by 2,347% and 5,982%, respectively.
Currently, Dogecoin is trading at $0.35, according to the 1D chart on TradingView.com. As the market continues to evolve, investors are eagerly watching for signs of the anticipated rally.
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