THE Dogecoin Price has successfully completed its latest test of a crucial support level, signaling renewed potential for a significant rebound. According to crypto analyst Trader Tardigrade, Dogecoin could be heading to new all-time highsas historical chart patterns suggest a parabolic surge could be on the horizon.
Dogecoin price concludes retest of final support
In an X (formerly Twitter) jobTrader Tardigrade said Dogecoin completed its latest test of the critical support level at $0.31. The analyst presented a chart predicting Dogecoin’s Next Big Rally and price trajectory based on recurring historical trends.
This table, illustrating Dogecoin Price Action from 2014 to the present, highlights periods of consolidation, breakout and parabolic growth. In previous market cycles, Dogecoin has exhibited similar price movements and market behavior. Each cycle is characterized by a prolonged period of lateral movementfollowed by a breakout of key resistance and a final test of this resistance as new support.
In 2017, Dogecoin saw its first retest of final support around the $0.00095 mark before seeing a significant rally, pushing its price to $0.02. A similar pattern also appeared early 2021 during the previous bull runwhere Dogecoin completed its latest test and reached an all-time high above $0.7.
Trader Tardigrade observed Dogecoin repeating this historical trend pattern again in its current cycle. The recent conclusion of his new final support test supports his prediction and potentially marks the start of his next parabolic rally potential.
Based on recurring historical price action, the analyst predicts that Dogecoin could reach a new all-time high of $4.5. This massive rise would represent a staggering 1,306% increase from its current market price.
Dogecoin to break symmetrical triangle pattern
In a more recent version MessageTrader Tardigrade has identified the appearance of a Symmetric triangle on the Dogecoin chart. Dogecoin price is currently trading within this triangle, indicating that the meme coin could undergo a period of consolidation before a possible breakout.
The analyst revealed that the symmetrical triangle acts as a “strong base” for Dogecoin, representing a key consolidation area. The pink arrow in the charts suggests a bullish breakout towards Dogecoin’s Next Price Target.
Trader Tardigrade predicted that Dogecoin could break out of the upper trend line of the Symmetric Triangle, potentially leading to its upward momentum. The analyst marked the upper trendline at $0.32, which coincides with Dogecoin’s current market value.
Over the past month, Dogecoin crashed 25%, taking its price from over $0.4 to $0.32. Despite the decrease in market volatility, the popular coin is in a prolonged phase of slowdown and consolidation. Nonetheless, Trader Tardigrade predicted that Dogecoin could rally back to $0.355 once this predicted breakout of the symmetrical triangle occurs.
Featured image created with Dall.E, chart from Tradingview.com