the Dogecoin price The pair successfully completed its final retest of a crucial support level, indicating renewed potential for a major recovery. According to cryptocurrency analyst Trader Tardigrade, Dogecoin might as well Heading to all-time highsHistorical chart patterns indicate that a parabolic rise may be on the horizon.
Dogecoin price concludes retest of final support
In X (formerly Twitter) mailTrader Tardigrade announced that Dogecoin completed a final retest of the critical support level at $0.31. The analyst provided a chart for the prediction Dogecoin’s next major rally Prices track based on recurring historical trends.
This graph explains Dogecoin price movement From 2014 to present, it highlights periods of consolidation, breakout and parabolic growth. During previous market cycles, Dogecoin has shown similar price movements and market behavior. Each course is characterized by: Long period of lateral movementfollowed by a breakout of the main resistance and the final retest of this resistance as new support.
In 2017, Dogecoin saw its first retest of final support around the $0.00095 level before seeing a significant rally, pushing its price to $0.02. A similar pattern also emerged early 2021 during the previous bull runDogecoin completed its final retest and rose to an all-time high above $0.7.
Trader Tardigrade noticed that Dogecoin replicates this Historical trend pattern Back in its current session. The recent conclusion of the final support retest supports his predictions and may mark the beginning of the next test High potential equivalent.
Based on repeated historical price action, the analyst expects Dogecoin to reach a new all-time high of $4.5. This massive increase would represent a staggering 1,306% increase over the current market price.
Dogecoin symmetrical triangle pattern breakout
Recently Share XTardigrade merchant select the appearance of a Symmetrical triangle On Dogecoin chart. Dogecoin price is currently trading within this triangle, suggesting that the meme coin may undergo a period of consolidation before a potential breakout.
The analyst revealed that the symmetrical triangle acts as a “solid base” for Dogecoin, representing a major consolidation area. The pink arrow in the charts indicates an upward breakout Next target price for Dogecoin.
Trader Tardigrade expected Dogecoin to do just that Exit the upper trend line of the symmetrical triangle, which may lead to its upward momentum. The analyst set the upper trend line at $0.32, coinciding with Dogecoin’s current market cap.
During the past month, Dogecoin has crashed 25%, which pushed its price from above $0.4 to $0.32. Although market volatility has subsided, the popular meme coin has been in a long phase of deflation and consolidation. However, trader Tardigrade expects Dogecoin to rise to $0.355 once the expected symmetrical triangle breakout occurs.
Featured image created with Dall.E, chart from Tradingview.com
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