Parabolic rally forecast for Dogecoin from analyst Trading Shot. Is this target possible? The analyst observed that the meme coin has completed a long accumulation phase marked by a long period of price consolidation. Read on for details.

Popular meme coin Dogecoin is targeting a new all-time high while signaling a potential breakout.

Analyst Trading Shot noted that the move in its latest analysis shows that DOGE has officially begun its parabolic phase, following a consistent cyclical trend throughout its history.

The analyst observed that the meme coin has completed a long accumulation phase, marked by a long period of price consolidation. This phase is a recurring pattern in Dogecoin’s market cycles. It also paves the way for an uptrend.

According to Trading Shot, the accumulation zone has followed the 50-week moving average and the price has held above the 100-week moving average, a key support line. This price action mirrors what has occurred during DOGE’s previous cycles, leading to a breakout from a “bull flag” pattern and currently entering a “Parabolic Rally” phase.

Do your own research before investing! This is not investment advice! #doge⚡