A crypto analyst has highlighted Dogecoin (DOGE) as a promising investment, citing key technical patterns that signal a potential price surge.
A crypto analyst has identified Dogecoin (DOGE) as a promising investment, highlighting key technical patterns that signal a potential price surge.
According to the analyst, known as CobraVanguard on TradingView, two bullish formations are visible on the 4-hour chart, suggesting that DOGE could break out in the near term.
The first pattern is an Ascending Triangle, which indicates growing buying pressure and suggests a breakout if resistance in the range of $0.37 to $0.40 is surpassed.
The second pattern is a Cup and Handle, which points to a continuation of upward momentum after a period of consolidation.
If these patterns hold, the analyst anticipates that DOGE could rally to $0.50, marking a nearly 39% increase from its current trading price of $0.36.
Moreover, the possibility of a Butterfly pattern, a harmonic signal that is often linked to reversals or trend continuations, could also play a role in shaping DOGE's price movement.
This analysis aligns with the recent price performance of DOGE, which has seen a 6.3% gain in the past 24 hours and over 15% growth in the past month, further bolstering optimism about its short-term potential.
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