- Dogecoin (DOGE) falls to $0.339, facing a 15% decline from its January high of $0.3978.
- Trader Tardigrade identifies a bullish ascending triangle pattern, predicting a breakout towards $0.75 – $0.85.
- Crypto commentator WIZZ highlights the influence of Elon Musk, which could potentially spur DOGE’s revival and growth.
Dogecoin (DOGE) has faced periods of turbulence amid the current market downturn, falling to $0.3392 after hitting $0.3978 on Tuesday. This represents a drop of almost 15% from its January high and dashed hopes of reclaiming the $0.400 price level last seen in December 2024. Despite the bearish wave, optimism persists among investors. analysts, with some predicting a potential breakout for the meme coin.
Crypto analyst Trader Tardigrade has highlighted a promising uptrend on the Dogecoin chart. He identified an ascending triangle formation, a classic technical pattern often associated with rising price momentum. This pattern, visible on the 4-hour chart of DOGE, features higher lows converging towards a horizontal resistance line.
Dogecoin retests crucial triangle apex
According to Tardigrade, Dogecoin is retesting the triangle apex, a crucial inflection point marked by consolidation. Historically, this technical pattern signals a bullish continuation when the resistance level is breached. Projections suggest that a breakout could take DOGE into the $0.75 to $0.85 range, boosting traders’ optimism.
The analyst urged caution, advising against shorting or shorting DOGE during this critical phase. “Now is not the time to short or sell your $DOGE now,” Tardigrade noted. He highlighted the importance of the current model as a precursor to a potential upward trajectory.
In addition to Tardigrade’s analysis, crypto commentator WIZZ expressed confidence in Dogecoin’s resilience. In a recent tweet, he predicted that DOGE would outperform major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP and BNB.
Elon Musk’s role in the future of Dogecoin
WIZZ attributed its optimistic outlook to expected marketing efforts from Elon Musk, known for his history of supporting Dogecoin. Musk’s influence has been crucial in driving spectacular price surges, and WIZZ has hinted at a short-term rally led by Musk’s initiatives. “Elon marketing starts soon,” WIZZ wrote, highlighting a three to six month timeline for Dogecoin’s revival.
This expectation is amplified by Musk’s new role as head of the “Department of Government Effectiveness”, commonly known as DOGE. Enthusiasts believe this subtle correlation could spark increased interest in the meme coin, potentially reigniting a bull run similar to the 2020/2021 season.
Historical data from analyst Ali Martinez supports this optimism. During the last bull run, Dogecoin saw an astonishing 15,524% growth, largely propelled by Musk’s backers. Martinez predicted that if this trend repeats, DOGE could rise as high as $23, with some even speculating on a price target of $37 in the current cycle.
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