Key points to remember:
- Dogecoin could climb between $1.2 and $3.4 with the upcoming phase showing upside potential.
- Technical models indicate a “mark-up” phase, signaling strong price action ahead.
- Dogecoin is poised for further upward movement, with a possible “Blow-Off Top.”
Dogecoin has seen serious price swings recently, with some traders saying the cryptocurrency will likely see even bigger increases. At the very least, according to cryptocurrency tradersthere is a high chance that DOGE will reach a price value as high as $1.2, while rising up to $3.4 in an ultra-optimistic scenario.
Historical price action tends to indicate that the next big rally for DOGE could align with Bitcoin’s halving cycle, which has historically fueled explosive growth for altcoins like DOGE. If history repeats itself, the coming weeks could well see a surge in prices that will surprise many.
Dogecoin Bullish Widening Wedge
Recently, Trader Tardigrade pointed one of those key chart patterns that could lead to further price appreciation. Dogecoin price action has charted a widening wedge, which is a well-known bullish chart pattern in technical analysis.
This trend has often preceded a rise to new highs, placing DOGE as one of the coins to watch in the near term. Tardigrade explained, using the Wyckoff market cycle, that Dogecoin is currently in the “markup” phase, which is an important phase where prices are expected to rise a lot.
“Markup” phase could trigger explosive growth
Trader Tardigrade also associated his DOGE analysis of Wyckoff’s market cycle, a four-stage cycle of accumulation, markup, distribution, and markdown. According to the explanation given by the theory, DOGE has now entered the “Mark Up” phase, which concerns the rapid price appreciation once the assets are taken over.
Tardigrade explained that the “Jump The Creek” structure is forming, as well as a pattern for a breakout and retest of market strength. This structure usually precedes larger price movements, and given that DOGE has already completed the first wave of the “marking” phase, greater price appreciation could be near.
The next few weeks could indeed prove decisive for DOGE, which may go through its “Blow-Off Top” – a general trend very observed during rally peaks. A continued rise could unlock extremely large gains for DOGE holders.
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