Dogecoin's price may soon reach the coveted $1 level, a milestone that many low-priced meme coins aspire to achieve. In light of this, a cryptocurrency analyst revealed a new technical pattern in Dogecoin's price chart called 'Descending Megaphone.' This analyst suggested that if Dogecoin can break out of this distinct pattern, it could pave the way for a significant price increase towards higher targets.
Dogecoin's price aims for a breakthrough of $1.
Trader Tardigrade, a cryptocurrency analyst on X (formerly Twitter), pointed out that Dogecoin's daily candle just closed with a breakout into the 'Descending Megaphone pattern.' Although this unique technical pattern is a sign of increased volatility, especially in a downtrend, breaking above the upper boundary of this chat pattern could signal a potential bullish move.
In the case of Dogecoin, if its price can break through the upper line of the Descending Megaphone pattern, it could signal the start of a major bullish rally. To clarify, the Descending Megaphone is a bullish chart pattern formed by two diverging trend lines, with the upper line representing resistance and the lower line representing support. This pattern often looks like a downward-tilting megaphone.
According to Trader Tardigrade, despite entering this unique chart pattern, Dogecoin's price has shown strong signs and momentum on the daily chart. When looking at the daily chart of the meme coin, the analyst has set a price target of $0.20, predicting that Dogecoin could rise to this level as part of the price action in the Descending Megaphone pattern.
Trader Tardigrade has shared that he is closely monitoring the price movements of Dogecoin in this new forming pattern, paying particular attention to any movements towards the upper boundary of the descending megaphone.
In response to his optimistic prediction, a member of the cryptocurrency community remarked that the $1 price target remains a highly anticipated dream for Dogecoin. Trader Tardigrade replied, affirming that this ambitious and desirable price target is no longer just a dream for Dogecoin.
Bitcoin price discovery will impact the DOGE rally.
After his price forecast for Dogecoin, another community member suggested that Dogecoin's price may not reach the $1 target set by Trader Tardigrade if Bitcoin does not go through a price discovery process. To this, the analyst simply replied, 'one step at a time.'
Bitcoin price discovery has become a major topic among many cryptocurrency analysts in the market recently. Notably, an identified cryptocurrency analyst known as 'Crypto Feras' revealed that if Bitcoin can break through critical price resistance levels, it is likely to return to the $72,000 level, ultimately leading to price discovery and a strong bullish situation.
Considering that Bitcoin's bullish rallies often precede bullish moves in other cryptocurrencies, Trader Tardigrade asserted that after discovering the price, Dogecoin could enter a significant bullish phase. As of the time of writing, Dogecoin is trading at $0.164, marking an impressive increase of 13.72% in the last 24 hours, according to CoinMarketCap.
DYOR! #Write2Win #Write&Earn #Write2Learn #BinanceTurns7 $DOGE
