Emily Walker
Dogecoin has seen impressive growth, following a consistent upward trajectory within a clearly defined “Channel Up” pattern since December 2024. Current technical signals and recent price movements indicate that Dogecoin might be poised for a significant price surge. An analyst specializing in cryptocurrency has supported this optimistic viewpoint, predicting Dogecoin will reach its initial price objective of $0.432.
Double Bottom Pattern Indicates Bullish Momentum for Dogecoin
The crypto analyst known as ‘TradingShot’ on TradingView has projected a new bullish target for Dogecoin, anticipating that the cryptocurrency will exceed the $0.4325 benchmark. The expert notes that Dogecoin’s price has rebounded off the higher lows trendline in its Channel Up pattern, creating a distinct Double Bottom pattern.
The analyst illustrated in a price chart that Dogecoin has been on an upward trend since it reached a low price on December 20, 2024. Generally, the formation of a double bottom pattern near the higher lows trendline indicates a strong potential for price rebounds.
Additionally, the TradingView analyst noted that a specific buy signal consistently appears when Dogecoin’s price forms a Double Bottom near this trendline. Moreover, each occurrence of this pattern is accompanied by two successive bullish crosses in the 4-hour Moving Average Convergence Divergence (MACD) indicator.
Historically, Dogecoin has generated two Double Bottoms and MACDs that resulted in considerable price rallies. In those instances, the meme coin soared to the 2.618 Fibonacci extension level, attaining new highs. Drawing from this pattern, the analyst suggests that Dogecoin could witness a similar rally, as its current price activity mirrors the previous situations for a third time.
Further technical insights from the TradingView expert emphasize the importance of different moving averages. Notably, the 4-hour MA50 serves as a significant support level, while the MA200 reflects a broader market trend. Presently, Dogecoin is rebounding off the Double Bottom near its trend line, and the analyst forecasts a short-term rally toward $0.4325, which corresponds with the 2.618 Fibonacci extension level.
Historical Trends Suggest Potential Price Surge to $20
Based on these historical patterns, Trader Tardigrade estimates that if Dogecoin continues on a similar trajectory, its price could ascend to $8.32 before potentially reaching a final target of $20.68. Currently, DOGE is trading at $0.34, having dropped over 12% in the last week. Attaining the analyst’s projected levels would necessitate Dogecoin to surge by 2,347% and subsequently 5,982%, respectively.