Dogecoin Price Forms Rounded Bottom: Analyst Says ‘Prepare To Fly With DOGE’
The Dogecoin price continues to stage an attempt to rally significantly towards the highly anticipated $1 mark.
Amidst this bullish trend, a crypto analyst has spotlighted a distinctive technical pattern on the Dogecoin price chart known as a “rounded bottom.” As Dogecoin carefully forms this pattern, the analyst has forecasted a significant price surge ahead.
Dogecoin Price Readies To Fly Above $1
A TradingView crypto analyst identified as “CobraVanguard” has spotted a rounded bottom technical pattern on the Dogecoin price chart.
The analyst revealed that Dogecoin is currently forming this distinct pattern, and following its completion, it could trigger a price rally above $1.
CobraVanguard hinted at the influence of SpaceX and Tesla CEO Elon Musk on Dogecoin, highlighting that DOGE was the first ever meme coin to gain support from the genius billionaire.
The analyst also shared a price chart supporting his Dogecoin price analysis and bullish prediction.
In the price chart, Dogecoin forms the bullish rounded bottom pattern over a weekly time frame.
The curved shape on the chart indicates the rounded bottom pattern, which began after Dogecoin’s historical price surge to an all-time high during the previous bull run in 2021.
Following this surge, the Dogecoin price experienced a series of fluctuations, marked by periods of decline, recovery, and stabilization.
The analyst’s chart also pinpointed a red zone at $0.68, likely representing Dogecoin’s next price target and resistance level.
Following Dogecoin’s rise to $0.68, CobraVanguard predicts that the popular meme coin could experience a massive rally above $1, specifically between $1.2 and $1.5.