Dogecoin (DOGE) Price Analysis: Bullish Structure Hints at a Potential Rally to the $1 Mark

A prominent crypto analyst, Cobra Vanguard, has highlighted a bullish structure forming on Dogecoin's weekly chart. His recent analysis suggests the meme coin could be gearing up for a rally toward the $1 mark.

A prominent crypto analyst has highlighted a bullish structure forming on Dogecoin’s weekly chart, suggesting the meme coin could be gearing up for a rally toward the $1 mark, a psychological level DOGE has been eyeing for years.

Cobra Vanguard’s recent analysis comes on the back of Dogecoin’s recent uptrend, which saw it rise to $0.44 before facing a pullback. The recent price action has formed a rounded bottom pattern, indicating an upcoming price breakout following an extended consolidation.

Cobra shared a weekly chart revealing a rounded bottom pattern that has developed for Dogecoin since early 2021. This bullish structure typically indicates an upcoming price breakout following an extended consolidation.

For the uninitiated, a rounded bottom indicates growing market accumulation, where bearish momentum tapers off, setting the stage for a bullish resurgence. In Cobra’s chart, the Dogecoin price has recently broken out of the rounded base at $0.35 and is currently at $0.39.

The analyst predicts an AB=CD harmonic pattern, where the price could rally toward $0.68. This represents a 1,241% Fibonacci projection from the base of the pattern. Moreover, Fibonacci extensions suggest further resistance zones at $0.65 (85.54% measured from the breakout) and ultimately $1.

Interestingly, the volume confirms this bullish outlook. Increasing buy-side activity accompanies the breakout, confirming strong momentum. If sustained, the pattern completion could send Dogecoin into uncharted territory, mirroring its meteoric rise in early 2021.

Meanwhile, the daily DOGE chart shows the meme coin’s short-term outlook as it eyes the $1 level. Dogecoin is currently consolidating at nearly $0.39 after its significant rally. Fibonacci retracement levels from the recent low at $0.13 to the local high at $0.44 show support and resistance zones.

The current price is testing the 0.786 Fibonacci retracement level at $0.38, acting as a pivotal short-term resistance. A sustained breakout above this level could propel the price toward $0.44 (the recent high).

Notably, a push above $0.44 could bring Dogecoin face-to-face with the resistance at the upper Bollinger Band ($0.4832). Breaking this level could potentially lead to $0.63, which aligns with the 1.618 Fibonacci extension. DOGE’s last resistance below $1 sits at the Fib. 2.618 level around $0.9484.

However, if a pullback occurs, the 0.618 ($0.29) and 0.5 ($0.25) retracement levels provide strong buying opportunities. The daily Bollinger Bands are also tightening, indicating a breakout could be imminent. This shows market indecision, often preceding massive price movement.

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