Dogecoin price continues to attempt to rise significantly towards the highly anticipated $1 mark. Amid this uptrend, one cryptocurrency analyst highlighted a distinct technical pattern on the pair Dogecoin price chart Known as the “round bottom”. Since Dogecoin carefully forms this pattern, the analyst expected a… Huge price rise ahead.
Dogecoin price ready to fly above $1
A TradingView cryptocurrency analyst known as “CobraVanguard.” spotted Round bottom technical pattern on Dogecoin price chart. The analyst revealed that Dogecoin is currently forming this distinct pattern, and after its completion, it may lead to the price rising above $1.
CobraVanguard hinted at the influence of the SpaceX and Tesla CEOs Elon Musk on Dogecoin, highlighting that DOGE was the first meme ever to get backing from a genius billionaire. The analyst also shared a price chart supporting it Dogecoin price analysis and bullish prediction.
In the price chart, Dogecoin is forming an upward trend Round bottom pattern Within a weekly time frame. The curved shape on the chart indicates a rounded bottom pattern, which began after Dogecoin’s historical price rose to an all-time high during… Previous ascent in 2021. After this rise, the price of Dogecoin experienced a series of fluctuations, characterized by periods of decline, recovery and stability.
The analyst chart also identified the red area at $0.68, which likely represents the next price target for Dogecoin. Resistance level. After Dogecoin rose to $0.68, CobraVanguard expects the popular meme to see a significant rally. Massive rise above $1Specifically, between $1.2 and $1.5.
The price chart also pointed to Musk, which may indicate that Tesla CEO support and influence This could increase the meme coin’s potential upside to a $1 target. Overall, the TradingView analyst declared that investors and traders should “prepare to fly with DOGE” as they prepare for this potential surge to new all-time highs. As of the time of writing, Dogecoin price is trading at $0.44, recording a slight decline of 5.13% over the past 24 hours.
Whales eat more dogs
Amid the bullish sentiment surrounding the price of Dogecoin, cryptocurrency whales DOGE tokens are actively accumulatingThis indicates increased confidence in the upward potential of the memecoin. Usually, a Increased demand for whales For the cryptocurrency, this indicates that investors expect significant price growth soon.
According to X’s social media account, “CEO”, his largest Dogecoin whale He added 1.5 million DOGE tokens for their holdings. This significant cumulative trend comes as analysts share bullish price predictions for Dogecoin price in this bull market.
Notable one Price forecast By “Doge Lord” on X indicates that the meme coin will steadily rise to new highs Rookie season. The analyst identified three main targets for Dogecoin’s price: $0.69, $1, and a potential high of $4.2.
Featured image created with Dall.E, chart from Tradingview.com