Dogecoin price has successfully completed its final retest of a crucial support level, signaling a renewed potential for a major rally. According to crypto analyst Trader Tardigrade, Dogecoin could be headed to new all-time highs, as historical chart patterns suggest a parabolic rally could be on the horizon.
Dogecoin Price Completes Final Support Test
In a post on X (formerly Twitter), trader Tardigrade announced that Dogecoin has completed its final retest of the critical support level at $0.31. The analyst provided a chart that predicts Dogecoin’s next major rally and price trajectory based on recurring historical trends.
Source:X
This chart, showing Dogecoin price action from 2014 to the present, highlights periods of consolidation, bullishness, and parabolic growth. During previous market cycles, Dogecoin has exhibited similar price movements and market behavior. Each cycle is characterized by a prolonged period of sideways movement, followed by a breakout of major resistance and a retest of that resistance as new support.
In 2017, Dogecoin saw its first retest of the final support at $0.00095 before experiencing a significant surge, pushing its price to $0.02. A similar pattern was seen in early 2021 during the previous bull run, where Dogecoin completed its final retest and surged to an all-time high above $0.7.
Trader Tardigrade has noticed that Dogecoin is repeating this historical trend pattern again in its current cycle. The recent conclusion of retesting the final support supports his prediction and may mark the beginning of the next potential parabolic rally.
Based on the repeated historical price movement, the analyst expects Dogecoin to reach a new all-time high of $4.5. This massive increase would represent a staggering 1306% increase from its current market price.
Dogecoin is heading to break the symmetrical triangle pattern
In a recent post on X, Trader Tardigrade identified the appearance of a symmetrical triangle on the Dogecoin chart. The price of Dogecoin is currently trading inside this triangle, suggesting that the meme coin may undergo a period of consolidation before a potential breakout.
Source:X
The analyst revealed that the symmetrical triangle is acting as a “solid base” for Dogecoin, and represents a major consolidation area. The pink arrow in the charts indicates an upward breakout of Dogecoin’s next price target.
Trader Tardigrade predicted that Dogecoin may break the upper trend line of the symmetrical triangle, which could lead to its bullish momentum. The analyst placed the upper trend line at $0.32, which coincides with Dogecoin’s current market cap.
Over the past month, Dogecoin has dropped by 25%, pushing its price from above $0.4 to $0.32. Despite the easing of market volatility, the popular meme coin has been in a long-term downtrend and consolidation phase. However, Trader Tardigrade expects Dogecoin to rally to $0.355 once the expected symmetrical triangle breakout occurs.
