The Dogecoin price has experienced significant growth, maintaining a steady climb within a well-defined “Channel Up” pattern since December 2024. Recent technical indicators and price action suggest that Dogecoin may be getting ready for a major price rally.
Cryptocurrency markets have been abuzz with anticipation as Dogecoin's recent price action and technical indicators hint at an impending major price rally. A renowned crypto analyst has unveiled their bullish outlook, predicting Dogecoin's rise to a first target of $0.432.
Highlighting the significance of a Double Bottom pattern in TradingView's technical analysis, a crypto analyst known as 'TradingShot' has forecasted a new bullish target for Dogecoin, expecting the meme coin to rally past the $0.4325 goal. According to the market expert's analysis, the Dogecoin price has bounced off the higher lows trendline of its Channel Up pattern, forming a distinct Double Bottom pattern.
The analyst's price chart shows that the meme coin has been trading within a Channel Up pattern since it hit a price bottom on December 20, 2024. Typically, a double bottom pattern forms near the higher lows trendline, signaling a potential for upward reversals.
Moreover, a unique buy signal emerges whenever the Dogecoin price makes a Double Bottom near the higher lows trendline of the pattern. Each time this Double Bottom pattern occurs, the 4-hour Moving Average Convergence Divergence (MACD) displays two consecutive bullish crosses.
Previously, Dogecoin formed two Double Bottoms and MACDs, triggering a significant price rally in both cases. At the time, the price of the meme coin skyrocketed to the 2.618 Fibonacci extension level, marking new highs. Based on this past trend, the analyst anticipates that the meme coin could experience a similar rally as its price action appears to be repeating the same pattern for a third time.
The TradingView expert's technical analysis also highlights the role of other moving averages, underscoring that the 4-hour MA50 acts as a crucial 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 2.618 Fibonacci extension level.
In another X post, crypto analyst Trader Tardigrade projected a massive price surge for Dogecoin in 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. At the time, the meme coin had jumped by over 3,000% and 8,000% respectively.
Drawing from historical trends, Trader Tardigrade predicts that if Dogecoin follows a similar trend pattern, its price could rally to $8.32 before skyrocketing to an ultimate target of $20.68. As of writing, the price of DOGE is trading at $0.34 after declining by over 12% in the past week. A surge to the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.
