Emily Walker
Dogecoin’s recent market performance indicates it has successfully tested a vital support level, hinting at the possibility of a significant price increase. Crypto analyst Trader Tardigrade suggests that Dogecoin may be on the verge of hitting new all-time highs, as historical price patterns imply that a parabolic rise could be imminent.
Final Retest of Support Level Completed
In a recent post on X (formerly Twitter), Trader Tardigrade announced that Dogecoin has completed its last test of the crucial support level at $0.31. The analyst shared a chart that outlines the expected next rally for Dogecoin based on its historical trends.
This chart showcases Dogecoin’s price movements from 2014 to now, highlighting periods of stabilization, breakout, and rapid growth. In past cycles, Dogecoin exhibited similar behaviors, which included phases of stagnation followed by a breach of crucial resistance levels and subsequent testing of new support.
In 2017, Dogecoin saw its initial final retest around the $0.00095 mark, leading to a price surge to $0.02. Similarly, early 2021 saw the coin complete a significant retest, culminating in an all-time high surpassing $0.7.
Trader Tardigrade noted that Dogecoin appears to be repeating this historical trend in its current cycle. The recent completion of its last support retest reinforces this prediction and suggests that a new strong rally might commence.
The analyst forecasts that Dogecoin could soar to a remarkable new all-time high of $4.5, which would represent an incredible 1,306% increase from its present value.
Potential Breakout from Symmetrical Triangle
In a more recent update on X, Trader Tardigrade pointed out the formation of a Symmetrical Triangle pattern in Dogecoin’s trading chart. Currently, Dogecoin is moving within this triangle, which suggests a period of consolidation prior to a potential breakout.
The Symmetrical Triangle is viewed as a strong foundation for Dogecoin, marking an important consolidation phase. The accompanying chart points to a bullish breakout, as indicated by the pink arrow.
Trader Tardigrade predicts that Dogecoin may break through the upper trendline of the Symmetrical Triangle, which could significantly enhance its upward momentum. He has identified the upper trendline at $0.32, aligning with Dogecoin’s current trading value.
Over the last month, Dogecoin has seen a 25% decline, dropping from over $0.4 to around $0.32. Despite a decrease in market volatility, the meme coin has entered a lengthy period of decline and stabilization. Nonetheless, Trader Tardigrade forecasts a potential rise to $0.355 following the anticipated breakout from the Symmetrical Triangle.