A crypto analyst has identified Dogecoin (DOGE) as a top buy opportunity, sharing a technical evaluation of the meme coin’s future trajectory and potential for a major price surge. While the analyst encourages investors to purchase Dogecoin, he has discovered the emergence of two unique technical chart patterns within 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 recent buy opportunity for Dogecoin investors, identifying two bullish chart patterns that suggest a strong rally could also be imminent. The primary pattern, an Ascending Triangle, signals a possible price breakout to the upside. It’s 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 means a bullish continuation trend, suggesting that a cryptocurrency’s price is poised to interrupt out after a consolidation period.
In response to CobraVanguard, Dogecoin could rise to a recent 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 goal. The analyst also believes that closing above the resistance area within the Cup and handle pattern could further bolster Dogecoin’s surge to the projected goal.
Along with these two unique bullish technical indicators, the Dogecoin’s chart mentions a possible Butterfly pattern that might influence its future price motion. This harmonic pattern combines Fibonacci ratios and certain price movements to form a singular butterfly shape on a chart. It often signals trend exhaustion, potentially resulting in a price reversal or a trend continuation at key levels.
While he has set the $0.5 goal 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 as much as 38.9%. In response to CoinMarketCap, the meme coin has already increased by 6.3% within the last 24 hours after gaining over 15.8% over the past month.
Analysts Confirm DOGE’s Bullish Momentum
In one other more moderen 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 2 diagonal lines represent a rising channel inside which price movements are certain. Moreover, the blue dots within the chart showcase past breakout points, where Dogecoin achieved a pointy price increase. Based on historical patterns, Trader Tardigrade predicts a major DOGE rally towards higher targets at $65.
Featured image from Unsplash, chart from Tradingview.com