Emily Walker
The price of Dogecoin is attempting to rise significantly towards the much-awaited $1 mark. In line with this optimistic trend, a crypto analyst has highlighted a unique technical formation on the Dogecoin price chart, termed a “rounded bottom.” As Dogecoin gradually creates this formation, the analyst forecasts a considerable price increase ahead.
Dogecoin Set to Surge Above $1
A crypto analyst known as “CobraVanguard” on TradingView has identified a rounded bottom pattern on Dogecoin’s price chart. The analyst mentioned that with the formation nearing completion, it could lead to a price jump over the $1 threshold.
CobraVanguard also pointed out the impact of Elon Musk, CEO of SpaceX and Tesla, on Dogecoin, noting that DOGE was the first meme coin to receive support from this innovative billionaire. The analyst provided a price chart backing this analysis and optimistic forecast for Dogecoin.
The chart illustrates a bullish rounded bottom formation on a weekly basis. This curvy pattern follows Dogecoin’s notable price surge to an all-time high during the last bull market in 2021. After reaching this peak, Dogecoin experienced various price movements characterized by declines, recoveries, and consolidation.
The analyst has indicated that a significant resistance level is likely at $0.68. Following an upward movement to this target, CobraVanguard expects Dogecoin to experience a substantial rally surpassing $1, potentially reaching between $1.2 and $1.5.
Musk’s influence is also referenced within the chart, suggesting that his support could be instrumental in propelling Dogecoin towards its $1 goal. Overall, the TradingView analyst suggests traders and investors should “get ready to soar with DOGE” as it approaches this potential rally towards new record highs. Currently, Dogecoin trades at $0.44, reflecting a slight decline of 5.13% in the last day.
Whales Accumulate More DOGE
With the positive sentiment surrounding Dogecoin, large investors, often referred to as crypto whales, are increasing their DOGE holdings, indicating growing confidence in the coin’s upward trajectory. Normally, a rise in demand from whales suggests that they foresee significant price appreciation in the near future.
An X social media account named “CEO” reported that Dogecoin’s largest holder has acquired an additional 1.5 million DOGE tokens. This trend of substantial accumulation aligns with the bullish outlook presented by analysts for Dogecoin’s performance in the current bull market.
Furthermore, an analysis by a notable user called “Doge lord” on X predicts that the meme coin will gradually escalate to new highs during this bullish period. The analyst outlined three important price targets for Dogecoin: $0.69, $1, and a possible peak of $4.2.