A cryptocurrency expert has pointed out that Dogecoin (DOGE) stands out as a prime buying opportunity. This analyst has provided a technical analysis regarding the future price movement of the meme coin, suggesting it could see a notable price increase. He advises investors to consider acquiring Dogecoin at this time and has identified two distinctive technical patterns on the 4-hour chart that align with his optimistic outlook.
Reasons to Buy Dogecoin Promptly
CobraVanguard, a crypto analyst on TradingView, has highlighted a renewed buying opportunity for Dogecoin investors by pinpointing two bullish chart formations, indicating that a strong surge could be on the horizon. The first pattern is an Ascending Triangle, which suggests a possible upward breakout. This structure is characterized by a flat resistance line and an ascending support line.
The second pattern identified is the Cup and Handle, a formation that indicates the cryptocurrency is likely to continue its upward trend following a period of consolidation.
CobraVanguard believes that if these bullish formations play out successfully, Dogecoin could achieve a new price peak. Currently, DOGE is testing the resistance area between $0.37 and $0.4, highlighted in green on the Ascending Triangle chart. Should the coin surpass this resistance, it may initiate a rally propelling DOGE towards a target of $0.5. The analyst also asserts that successfully closing above the resistance in the Cup and Handle pattern could further reinforce Dogecoin’s anticipated upward movement.
Complementing these bullish indicators, Dogecoin’s chart also hints at a possible Butterfly pattern, which could impact its subsequent price actions. This harmonic formation integrates Fibonacci ratios and certain movements to create a butterfly shape on the chart, often indicating trend exhaustion that may lead to either a reversal or a continuation at critical price levels.
While the analyst has set a price target of $0.5 for Dogecoin, he also notes the possibility for the coin to reach even higher values should a breakout occur with sustained momentum. At present, Dogecoin is trading at $0.36, which means a climb to $0.5 would entail a 38.9% increase. As per CoinMarketCap, the coin has gained 6.3% in the last 24 hours and over 15.8% in the past month.
Analysts Endorse DOGE’s Bullish Trends
In a more recent post on X, crypto analyst Trader Tardigrade highlighted the potential for a strong bullish trend for DOGE. The analyst shared a macro chart of Dogecoin, showcasing a repeating pattern within its price movements.
This chart illustrates a long-term price pattern akin to multiple “Cup and Handle” formations. The slanted lines depict a rising channel that constrains price movements, with blue dots indicating previous breakout points where Dogecoin experienced sharp price rises. Drawing on historical patterns, Trader Tardigrade anticipates a significant DOGE rally towards higher price targets, potentially reaching $65.