Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance in the last few days, but this waning price action could benefit its price dynamics. Technical developments show that the current pullback is a signal of an impending major rally in DOGE’s price.
Bullish Structure Forming On Dogecoin Chart
After a period of bullish performance, Dogecoin’s price experienced a retracement, which led to a correction or consolidation phase. However, recent analysis from Trader Tardigrade, a seasoned crypto analyst and investor, reveals that the correction phase is about to come to an end, and a rally is just around the corner.
In the analysis shared on the X platform, Trader Tardigrade stated that DOGE is gearing up for a major rise as a key technical pattern emerges on the daily chart, a typical sign of a possible uptrend. The meme-inspired cryptocurrency is currently consolidating within this key structure, often associated with trend continuation after cooling off from recent highs.
Specifically, the meme coin has formed a Channel Pullback. Combined with stable support levels and rising market sentiment, this channel formation raises the possibility that DOGE is preparing for a significant rise in the upcoming days.
Looking at the chart, this channel pullback previously appeared between late April and early May. Following a breakout from the pattern, Dogecoin saw a notable rise from $0.17 to $0.25 in less than a week. With the structure reappearing, the expert contends that a breakout, which he believes is inevitable, is likely to trigger a similar upward trend.Â
Should the breakout mirror the previous scenario, Trader Tardigrade has predicted a surge from current price levels to the $0.265 mark. DOGE’s reclaiming this level in tandem with significant buying pressure might act as a launchpad to a continued rally toward higher targets.
Dogecoin’s bullish signal extends beyond the 1-day chart. In another post, Trader Tardigrade highlighted a growing momentum in the 3-day time frame, which increases the potential for a rebound.
Following his examination of the 3-day chart, the expert found an Expanding Triangle formation, a key reversal pattern after a widening consolidation phase. Given that the market is slowly turning positive, a breakout from the pattern is expected to cause a rally to $0.275 and beyond.
A Remarkable Price Growth For DOGE Incoming
A view of a much larger time frame shows that DOGE’s price is headed for a new all-time high before the ongoing cycle concludes. Trader Tardigrade has underlined the recurrence of a bullish structure that triggered a massive bullish move for the meme coin on the 6-month time frame.
During the 2017 and 2021 cycles, this macro pattern kick-started DOGE’s final rally all the way to its peak in each cycle. While the structure has reemerged, Trader Tardigrade foresees a similar spike that could lead to a cycle top for Dogecoin. The expert chart reveals that the meme coin might reach a top from the $6 level and above.
Featured image from Getty Images, chart from Tradingview.com
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Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance in the last few days, but this waning price action could benefit its price dynamics. Technical developments show that the current pullback is a signal of an impending major rally in DOGE’s price.
Bullish Structure Forming On Dogecoin Chart
After a period of bullish performance, Dogecoin’s price experienced a retracement, which led to a correction or consolidation phase. However, recent analysis from Trader Tardigrade, a seasoned crypto analyst and investor, reveals that the correction phase is about to come to an end, and a rally is just around the corner.
In the analysis shared on the X platform, Trader Tardigrade stated that DOGE is gearing up for a major rise as a key technical pattern emerges on the daily chart, a typical sign of a possible uptrend. The meme-inspired cryptocurrency is currently consolidating within this key structure, often associated with trend continuation after cooling off from recent highs.
Specifically, the meme coin has formed a Channel Pullback. Combined with stable support levels and rising market sentiment, this channel formation raises the possibility that DOGE is preparing for a significant rise in the upcoming days.
Looking at the chart, this channel pullback previously appeared between late April and early May. Following a breakout from the pattern, Dogecoin saw a notable rise from $0.17 to $0.25 in less than a week. With the structure reappearing, the expert contends that a breakout, which he believes is inevitable, is likely to trigger a similar upward trend.Â
Should the breakout mirror the previous scenario, Trader Tardigrade has predicted a surge from current price levels to the $0.265 mark. DOGE’s reclaiming this level in tandem with significant buying pressure might act as a launchpad to a continued rally toward higher targets.
Dogecoin’s bullish signal extends beyond the 1-day chart. In another post, Trader Tardigrade highlighted a growing momentum in the 3-day time frame, which increases the potential for a rebound.
Following his examination of the 3-day chart, the expert found an Expanding Triangle formation, a key reversal pattern after a widening consolidation phase. Given that the market is slowly turning positive, a breakout from the pattern is expected to cause a rally to $0.275 and beyond.
A Remarkable Price Growth For DOGE Incoming
A view of a much larger time frame shows that DOGE’s price is headed for a new all-time high before the ongoing cycle concludes. Trader Tardigrade has underlined the recurrence of a bullish structure that triggered a massive bullish move for the meme coin on the 6-month time frame.
During the 2017 and 2021 cycles, this macro pattern kick-started DOGE’s final rally all the way to its peak in each cycle. While the structure has reemerged, Trader Tardigrade foresees a similar spike that could lead to a cycle top for Dogecoin. The expert chart reveals that the meme coin might reach a top from the $6 level and above.
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
