Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next?

the Dogecoin Price could soon Reaching the highly desired price of $1, It is a milestone that many low-priced meme currencies aspire to achieve. With this in mind, a cryptocurrency analyst has revealed a new technical pattern in the Dogecoin price chart called “Descending Megaphone.” The analyst suggested that if… Dogecoin could break out Through this distinct pattern, it could pave the way for a significant rally towards higher price targets.

Dogecoin price looks to break $1

By Trader Tardigrade, a cryptocurrency analyst on X (formerly Twitter). He pointed out That the Dogecoin daily candle has just closed with a breakout of the “bearish Megaphone pattern”. While this unique art style is a sign of that Increased volatility Especially during a downtrend, a break above the upper border of this chat pattern may indicate a potential upward movement.

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In the case of Dogecoin, if its price can cross the top line of the coin Downward speaker patternThis could signal the beginning of a huge rally. For more clarity, a bearish tweeter is a bullish chart pattern consisting of two diverging trend lines, where the upper line represents resistance and the lower line indicates support. The pattern usually looks like a speaker with a downward slope.

According to Trader Tardigrade, despite entering into this unique chart pattern, Dogecoin price was Showing signs of strength and momentum On the daily chart. Looking at the daily chart of the meme coin, the analyst identified a level Target price $0.2expecting Dogecoin to rise to this level as part of the price action within a bearish Megaphone pattern.

Trader Tardigrade shared that he is closely monitoring how Dogecoin price behaves within this new pattern, paying special attention to any movement towards the upper border of the descending megaphone.

In response to his bullish forecast, a member of the cryptocurrency community said Notice The $1 target price remains a highly anticipated dream for the Dogecoin Tardigrade trader, he replied. Confirming This ambitious and desirable target price is no longer a dream for Dogecoin.

Bitcoin price discovery influences DOGE rally

Following his Dogecoin price prediction, another community member Suggested That the price of Dogecoin may not reach the $1 target set by Trader Tardigrade without Bitcoin undergoing price discovery. To this the analyst simply says: He responded “Step by step.”

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the Bitcoin price discovery It has been a major topic among many cryptocurrency analysts in the market recently. Notably, the cryptocurrency analyst has been identified as “Crypto Feras.” It has been detected That if Bitcoin manages to break through critical price resistance levels, it will likely revisit the $72,000 level, eventually leading to price discovery and a massive bullish situation.

Considering that A The rise of Bitcoin Often preceding bullish movements of other cryptocurrencies, trader Tardigrade confirmed that following the price discovery, the price of Dogecoin could enter a major rally. As of writing, the Dogecoin price It was trading at $0.164, representing a staggering 13.72% increase over the past 24 hours, according to CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com