Will the DOGE price complete a breakout and form a descending megaphone pattern? Is the next step $1?
The price of DOGE may soon reach the coveted $1 milestone, which many low-priced meme coins aspire to. With this in mind, a Cryptocurrency analyst has identified a new technical pattern in the DOGE price chart called the 'descending megaphone'. The analyst suggests that if DOGE can break out of this unique pattern, it could lay the foundation for a significant pump to higher price targets.
Trader Tardigrade, a Cryptocurrency analyst at X (formerly Twitter), pointed out that the daily chart of Dogecoin just closed with a breakthrough in the 'descending megaphone pattern.' Although this unique technical pattern is a sign of increased volatility, especially in a downward trend, breaking the upper limit of this pattern may foreshadow a potential upward trend.
As for DOGE, if its price can break through the upper limit of the descending megaphone pattern, it may indicate the beginning of a significant rebound. To be clearer, the descending megaphone is a bullish chart pattern formed by two diverging trend lines, where the upper limit represents resistance and the lower limit represents support. This pattern typically looks like a tilted megaphone.
According to trader Tardigrade, despite entering this unique chart pattern, DOGE's price still shows signs of strength and momentum on the daily chart. By examining the daily chart of this meme coin, the analyst set a target price of $0.2 and predicted that DOGE could rise to this level in the descending megaphone pattern.
Trader Tardigrade said he is closely watching the performance of DOGE prices in this new pattern, especially following any downward trend that moves towards the upper boundary of the expander.
In response to his bullish prediction, a member of the encryption community said that a $1 price target is still the long-awaited dream for Dogecoin. Trader Tardigrade replied that this ambitious and desirable price target is no longer a dream for Dogecoin.
After making predictions about DOGE's price, another community member suggested that if BTC does not go through price discovery, DOGE's price may not reach the $1 target set by trader Tardigrade. In response, the analyst simply answered "step by step".
The price of BTC is the central topic of discussion among various cryptocurrency analysts in the recent market. It is worth noting that a cryptocurrency analyst named 'Crypto Feras' revealed that if BTC can break through the key price resistance level, it may retest $72,000, ultimately leading to price discovery and a huge bullish situation.
Considering that the BTC bull run usually precedes the bull run of other cryptocurrencies, trader Tardigrade confirms that after price discovery, the DOGE price may experience a significant pump. According to data, at the time of writing, the DOGE price is 0.164 US dollars, and it has experienced an astonishing 13.72% pump in the past 24 hours.
(Data Source: Scott Matherson)
