Dogecoin (DOGE) Price Prediction: Chart Patterns Point to 10X Meme Coin Rally

Dogecoin price is attracting renewed attention from technical analysts, with several chart formations pointing to a meme coin rally.

Dogecoin price is attracting renewed attention from technical analysts, with several chart formations and technical indicators pointing to a meme coin rally. According to multiple analysts, DOGE price is displaying a combination of technical structures and indicators that suggest the potential for a 10X rally.

These include a breakout from a triangle pattern, a developing “cup and handle” formation, and historical pattern similarities to the 2017 bull market.

MACD Breaks Out Of Triangle

Analyst Trader Tardigrade recently shared a chart on X showing the MACD indicator breaking out from a triangle formation. This setup has usually been linked with strong upward momentum in Dogecoin price. The MACD breakout is also accompanied by a rounded bottom pattern, which is seen as a staging area for bullish moves.

MACD on $DOGE is breaking out of a 9-month triangle.

Last time we saw this was March, and it went on to quickly slice through the 2022 ATH. Before that, September 2022 saw the same MACD triangle breakout, shortly followed by a huge move in $DOGE.

Both times, the MACD crossed back above zero. pic.twitter.com/U9z62022w

— Trader Tardigrade Ⓜ️ (@TardigradeTrade) August 24, 2023

Notably, during the previous instances in September and March, similar MACD triangle breakouts occurred. In both cases, the breakout led to a rapid acceleration in Dogecoin price.

These observations suggest that the current meme coin rally may propel Dogecoin to new highs. The analysis is based on historical performance, but market conditions and technical setups can vary over time.

Dogecoin Price Could Soar As House Of Doge Fuels Rally

Following the recent move by House of Doge, market analysts are forecasting a 16% rise in Dogecoin (DOGE) price as bullish momentum builds.

After a period of consolidation, the world’s biggest meme coin is poised for another leg up, according to analysts at Crypto Elites, who suggest that a cup and handle pattern has formed in Dogecoin price.

This technical formation is usually associated with bullish continuation, where a period of consolidation is followed by a breakout in the same direction of the previous trend.

The bottom of the cup has already formed, and the price is now forming the handle stage of the pattern. This formation typically leads to a breakout once the price surpasses the neckline resistance.

Key resistance is seen at the $0.185 level, which is the neckline of the cup and handle pattern. A breakout above this threshold could clear the way for a sharp upward movement.

According to the analysis, the projected target for this move is in the $1.85 to $2.00 range, which is calculated using the depth of the cup formation.

However, the analyst noted that the current retracement to the lower range of the handle may act as a support zone. This area has historically seen a build-up in momentum ahead of breakouts.

Chart Pattern Shows Similarities To 2017 Cycle

Meanwhile, another analyst, known as KrissPax, has identified similarities between the current Dogecoin price movement and the 2017 bull run.

In a recent post on X, KrissPax shared a chart comparing both periods, showing that the current phase closely resembles the structure observed before a major surge in DOGE price.

According to the analysis, the current meme coin cycle could extend beyond the previous all-time high.

According to KrissPax, the top meme coin could reach $4 if the second major breakout occurs, similar to the pattern observed in 2017.

This scenario unfolds over a longer time frame and is based on recurring patterns observed in past market cycles.

A recent report by CoinGape supports the bullish outlook on DOGE price, suggesting that a breakout above the $0.18 resistance could spark a meme coin rally toward the $20 mark.