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It seems that Dogecoin is finally dead It has exceeded its extended uniformity stage with Return of feelings of greed iIn the crypto market. Interestingly, technical analysis of the Dogecoin price chart shows that these feelings of greed are about to push the meme coin to a parabolic rally that would send it to all-time highs.
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This rally comes from a projection of the “Power of 3” concept, as the recent price action has pushed Dogecoin into the distribution phase.
The strength of 3 patterns indicates bullish momentum for Dogecoin
The 3 Power Model is a technical analysis concept that divides the price cycle into three distinct phases of accumulation, manipulation, and distribution. Each of these stages differs in its price performance. The accumulation phase, the first phase of the pattern, is characterized by consolidation around the most recent high Strong upward price movement.
Next is the manipulation phase, where the price action breaks below the accumulation phase support level and begins trading within a range just below this support. The distribution phase is the last phase, which is characterized by a strong price breakout to the upside with increasing momentum and a large number of participants entering the market.
according to Technical analysis for Dogecoin Price Action By Cryptocurrency Analyst Trader Tardigrade Two consecutive 3 patterns have appeared on the daily chart of DOGE. The first prototype was fully completed and implemented during the months of March to November 2024, with the ensuing distribution phase pushing Dogecoin to multi-year highs.
The second pattern began shortly after the first ended and is now approaching its final stage. The accumulation phase of this pattern lasted from early November to mid-December, where Dogecoin rejected at $0.48 and began to consolidate around $0.48 to $0.4. This was it Followed by the manipulation stagewhich lasted from mid-December until the first weeks of January after the price of Dogecoin fell below $0.4.
The recent positive price movements show that Dogecoin has now exited the manipulation phase and is now in the distribution phase. If history repeats itself, Dogecoin could see another parabolic rally from here, driven by increased market participation and growing bullish sentiment.
Exiting monotheism: parallel to 2017
Trader Tardigrade predicted that the distribution phase would send Dogecoin price above its all-time high of $0.7316 and finally above the $1 mark. The final target price is around $1.3, which represents a 225% upside from the current price.
Slow gait He also drew similarities Between Dogecoin’s current movement and the price action since 2017. He noted that Dogecoin broke out from the consolidation trend line in a similar manner to the breakout before its 2017 rally. If history repeats itself, Dogecoin It could reach a local peak above $3 In 2025.
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At the time of writing, Dogecoin is trading at $0.3975.
Featured image from Pexels, chart from TradingView