The Dogecoin price has experienced significant growth, maintaining a gentle climb inside a well-defined “Channel Up” pattern since December 2024. Recent technical indicators and price motion suggest that Dogecoin could also be preparing for a serious price rally. A crypto analyst has confirmed this bullish outlook, forecasting Dogecoin’s rise to its first goal of $0.432.
Double Bottom Confirms Dogecoin Price Bullish Set-Up
‘TradingShot,’ a crypto analyst on TradingView, has forecasted a latest bullish goal for Dogecoin, expecting the meme coin to rally above the $0.4325 goal. In keeping with the market expert, the Dogecoin price has bounced off the upper lows trendline of its Channel Up pattern, forming a definite Double Bottom pattern.
The analyst shared a price chart, highlighting that the meme coin was initially trading inside the Channel Up pattern because it hit a price bottom on December 20, 2024. Typically, a double bottom pattern forms near the upper lows trendline, signaling a possible for upward reversals.
The TradingView analyst also revealed that a singular buy signal all the time emerges at any time when the Dogecoin price makes a Double Bottom near the upper lows trendline of the pattern. Moreover, every time this Double Bottom pattern occurs, the 4-hour Moving Average Convergence Divergence (MACD) displays two consecutive bullish crosses.
Previously, Dogecoin formed two Double Bottom and MACDs, triggering a major price rally in each cases. On the time, the value of the meme coin skyrocketed to the two.618 Fibonacci extension level, marking latest highs. Based on this past trend, the analyst believes that the meme coin could experience the same rally as its price motion appears to repeat the identical pattern for the third time.
The TradingView expert’s technical evaluation also highlights the role of other moving averages, underscoring that the 4-hour MA50 acts as a vital support area while the MA200 underscores a broader trend. Currently, the Dogecoin price is rebounding off the Double Bottom near the trend line, and the analyst projects a short-term rally toward $0.4325, aligning with the two.618 Fibonacci extension level.
Historical Patterns To Trigger Price Rally Above $20
In one other X post, crypto analyst Trader Tardigrade projected a massive price surge for Dogecoin on this bull market. The analyst has based his optimistic forecast on historical trends where DOGE experienced bull rallies after surpassing a previous “candle body high” in 2017 and 2021. On the time, the meme coin had jumped by over 3,000% and eight,000% respectively.
Drawing from historical trends, Trader Tardigrade predicts that if Dogecoin follows the same trend pattern, its price could rally to $8.32 before skyrocketing to an ultimate goal of $20.68. As of writing, the value of DOGE is trading at $0.34 after declining by over 12% up to now week. A surge to the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.
Featured image from Unsplash, chart from Tradingview.com