A crypto analyst has identified Dogecoin (DOGE) as a top buy opportunity, sharing a technical analysis of the meme coin’s future trajectory and potential for a significant price surge. While the analyst encourages investors to buy Dogecoin, he has discovered the emergence of two unique technical chart patterns in the 4-hour time frame that support his bullish forecast.
Here’s Why Investors Should Buy Dogecoin Now
CobraVanguard, a crypto analyst on TradingView, has announced a new buy opportunity for Dogecoin investors, identifying two bullish chart patterns that suggest a strong rally may be imminent. The first pattern, an Ascending Triangle, signals a potential price breakout to the upside. It is formed by a flat horizontal resistance line and a rising support line.
The second chart pattern discovered by the analyst is the Cup and Handle. This indicates a bullish continuation trend, suggesting that a cryptocurrency’s price is poised to break out after a consolidation period.
According to CobraVanguard, Dogecoin could rise to a new price high if these bullish patterns can successfully play out. Currently, DOGE is testing the resistance zone between $0.37 and $0.4, indicated by the green area on the chart’s Ascending Triangle. If the meme coin breaks past this resistance level, it could trigger a rally that propels DOGE to the $0.5 target. The analyst also believes that closing above the resistance area in the Cup and handle pattern could further bolster Dogecoin’s surge to the projected target.
In addition to these two unique bullish technical indicators, the Dogecoin’s chart mentions a possible Butterfly pattern that could influence its future price action. This harmonic pattern combines Fibonacci ratios and certain price movements to form a unique butterfly shape on a chart. It often signals trend exhaustion, potentially leading to a price reversal or a trend continuation at key levels.
While he has set the $0.5 target for Dogecoin, the TradingView analyst also revealed that the meme coin has the potential to aim for higher price levels if a breakout is sustained and momentum is maintained. Currently, the Dogecoin price is trading at $0.36, meaning a surge to $0.5 would require gains of up to 38.9%. According to CoinMarketCap, the meme coin has already increased by 6.3% in the last 24 hours after gaining over 15.8% over the past month.
Analysts Confirm DOGE’s Bullish Momentum
In another more recent X post, crypto analyst Trader Tardigrade announced the potential for a strong bullish momentum for DOGE. The analyst presented a Dogecoin macro chart, identifying a recurring pattern in it’s price movements.
The chart shows a long-term price pattern resembling a series of “Cup and Handle.” The two diagonal lines represent a rising channel within which price movements are bound. Additionally, the blue dots in the chart showcase past breakout points, where Dogecoin achieved a sharp price increase. Based on historical patterns, Trader Tardigrade predicts a significant DOGE rally towards higher targets at $65.
Featured image from Unsplash, chart from Tradingview.com
