Market analyst “CobraVanguard” claims that Dogecoin could be on the verge of a major rally.
In the middle of macroeconomic headwinds dog-themed crypto in recent weeks Dogecoin (DOGE) has fallen significantly from recent highs of $0.48. But if one analyst is to be believed, the asset could be on the verge of recouping most of those losses.
Bullish 4-hour chart patterns
Market analyst “CobraVanguard” claimed that Dogecoin could be on the verge of a major rally.
In a TradingView idea published on Tuesday, January 14, the analyst claimed that DOGE could rise by 34% from the current price of around $0.35 to $0.47.
CobraVanguard revealed this, citing “two bullish patterns” on the meme coin’s four-hour candle chart.
The first pattern was an ascending triangle chart pattern entered by DOGE in early December 2024 with resistance around the $0.40 price level. The trend is often considered bullish because the price of the asset continues to record lows.
Meanwhile, CobraVanguard points out that DOGE also appears to be forming a cup and handle pattern within this ascending triangle chart pattern. The analyst claims that a breakout of either of these patterns was likely to trigger a rise to the $47 price level.
Recent analysis follows last week’s data which suggests that average returns for DOGE traders have turned negative amid market woes. But at the time, Santiment Feed noted that this drop could provide opportunities for savvy traders, especially as it anticipated a market recovery in the short to medium term.
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