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Cryptographic analyzer Chris Backes It provided a bullish outlook for the price of Dogecoin, recently indicating that the first meme coin is still very bullish. DOGE is currently experiencing a consolidation phase, rising significantly between October and early November.
Dogecoin price remains very bullish despite the recent cooling off
Recently Share XKrissPax suggested that Dogecoin price is still very bullish despite the recent cooling off. The cryptocurrency analyst stated that Dogecoin is trading on the 2-hour chart classically Ascending triangle pattern. He added that the pattern looks bullish with a flat top resistance line, higher lows, and even leverage flow occurring.
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KrissPax is not the first to highlight the ascending triangle pattern on the DOGE chart, which provides a bullish outlook for the price of Dogecoin. Cryptographic analyzer Richt Capital He also recently brought the community’s attention to this bullish pattern and suggested that Dogecoin could rise to $0.56 when it exits this consolidating triangle.
Since its parabolic high between October and early November, Dogecoin price has stabilized within a $0.4 range. However, cryptocurrency analysts prefer Master Kenobi Kevin Capital suggested that the price action of the meme coin is expected and remains in the bullish zone despite this cooling off period.
According to these analysts, Dogecoin price consolidated for about 25 days in the last bull run after the first bull phase before enjoying another leg to the upside. History appears to be repeating itself, as the major currency has been unified for a similar number of days this time.
This consolidation period could end soon, as the price of Dogecoin has fallen for approximately 25 days this time. In line with this, Master Kenobi predicts that Dogecoin could enjoy another pump in the next few days, rising to $1, and eventually reaching $2.9.
DOGE’s next stop will be “violent.”
Cryptographic analyzer Plantz Capital Expect the next phase for Dogecoin price to be explosive. In X’s post, he mentioned that Dogecoin will record a “violent upward movement” when it breaks the 3-week accumulation trend. The accompanying chart showed that the first meme would reach $0.6 on the next leg higher.
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This expected rally will put Dogecoin price near its all-time high (ATH) at $0.73. Crowe cryptoanalyst She also provided a bullish outlook for Dogecoin, indicating that market participants should not let DOGE fade away. The accompanying chart showed that the meme could break the current ATH price in the next phase higher.
At the time of writing, Dogecoin is trading at $0.43, down more than 4% in the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com