A crypto analyst identified Dogecoin (DOGE) as the best buying opportunitysharing technical analysis of the meme coin’s future trajectory and the potential for a significant price rise. As the analyst encourages investors to buy Dogecoin, he has discovered the emergence of two unique technical chart patterns over a 4-hour time frame that support his opinion. bullish forecast.
Here’s Why Investors Should Buy Dogecoin Now
CobraVanguard, a crypto analyst on TradingView, has announcement a new buying opportunity for Dogecoin investors, identifying two bullish chart patterns that suggest a a strong recovery could be imminent. The first pattern, an ascending triangle, signals a potential upward price breakout. It is formed by a flat horizontal resistance line and an ascending support line.
The second chart pattern discovered by the analyst is the Cup and handle. This indicates a continued uptrend, suggesting that the price of a cryptocurrency is about to break out after a consolidation period.
According to CobraVanguard, Dogecoin could reach a new all-time high price if these bullish trends can successfully materialize. Currently, DOGE tests resistance zone between $0.37 and $0.4, indicated by the green area on the chart Ascending triangle. If the meme coin breaks this resistance level, it could trigger a rally that propels DOGE towards the $0.5 target. The analyst also believes that a close above the resistance zone in the cup and handle pattern could further strengthen Dogecoin’s surge towards the projected target.
In addition to these two unique bullish technical indicators, the Dogecoin chart mentions a possible Butterfly pattern which could influence its future price development. This harmonic pattern combines Fibonacci ratios and certain price movements to form a unique butterfly shape on a chart. This often signals trend exhaustion, potentially leading to a price reversal or continuation of the trend at key levels.
While he has set $0.5 target for DogecoinThe TradingView analyst also revealed that the meme coin has the potential to target higher price levels if a breakout is sustained and the momentum is maintained. Currently, Dogecoin price is trading at $0.36, meaning a rise to $0.5 would require gains of up to 38.9%. According to CoinMarketCap, the meme coin has already risen by 6.3% over the past 24 hours after gaining over 15.8% over the past month.
Analysts confirm DOGE’s bullish momentum
In another more recent Messagecrypto analyst Trader Tardigrade announced the potential for a strong upward momentum for DOGE. The analyst presented a Dogecoin macro chart, identifying a recurring pattern in its price movements.
The chart shows a long-term price trend resembling a “Cup and Handle” series. The two diagonal lines represent an ascending channel in which price movements are linked. Additionally, the blue dots on the chart show past breakout points, where Dogecoin achieved a strong price increase. Based on historical trends, Trader Tardigrade predicts a significant DOGE rally towards higher targets at $65.
Featured image from Unsplash, chart from Tradingview.com