Dadecoin price has experienced significant growth, maintaining a steady rise in a well-defined “channel” pattern since December 2024. Recent Technical Indicators and Price Action Suggest that Dogecoin could be gearing up for a major price rally. A crypto analyst confirmed this bullish outlook, forecasting Dogecoin to rise to its initial target of $0.432.
Double Bottom confirms bullish price configuration of Dogecoin
‘Tradingshot’, a crypto analyst on TradingView, has foreseen A new raised target for Dogecoin, expecting the mech coin to rally against the target of $0.4325. According to the market expert, Dogecoin price has bounced off the higher trendline of its channel pattern, forming a Double bottom model.
The analyst shared a price chart, highlighting that the meme coin was initially trading within the channel pattern as it reached a price low on December 20, 2024. Typically, a double bottom pattern forms near the trendline higher, signaling potential for upward reversals.
The TradingView analyst also revealed that a Buy signal Always emerges whenever Dogecoin price makes a double bottom near the trendline of the upper lows of the pattern. Additionally, whenever this double bottom pattern occurs, the 4 o’clock Moving Average Convergence Divergence (MACD) Displays two consecutive optimistic crosses.
Previously, Dogecoin formed two double bottoms and the MACDs, triggering a significant price rally in both cases. At the time, the price of the meme coin skyrocketed to $2,618 Fibonacci extension level, marking new heights. Based on this previous trend, the analyst believes that the meme coin could undergo a similar rally as its price action appears to be repeating the same pattern for the third time.
TradingView experts technical analysis also highlights the role of other moving averages, highlighting that the 4-hour MA50 acts as a crucial area of support while the MA200 highlights a broader trend. Currently, the price of Dogecoin is bounce Outside of the double bottom near the trendline, and the analyst forecasts a near-term rally towards $0.4325, aligning with the 2.618 Fibonacci extension level.
Historical Patterns to Trigger Prices Above $20
In another X postcrypto analyst trader Tardigrade projected a Massive Price Forge for Dogecoin in this bull market. The analyst based his optimistic predictions on historical trends where Doge experienced bull rallies after surpassing a previous “candle body” in 2017 and 2021. At the time, the meme coin had jumped more than 3,000% and 8,000%.
Drawing on 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, Doge price is trading at $0.34 after declining by more than 12% last week. An increase in the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.
Featured image from Unplash, chart from TradingView.com