Dogecoin Price Hits Double Bottom To Trigger Massive Rally, Here’s The First Target

Source Bitcoinist

The Dogecoin price has experienced significant growth, maintaining a steady climb within a well-defined “Channel Up” pattern since December 2024. Recent technical indicators and price action suggest that Dogecoin may be getting ready for a major price rally. A crypto analyst has confirmed this bullish outlook, forecasting Dogecoin’s rise to its first target of $0.432.  

Double Bottom Confirms Dogecoin Price Bullish Set-Up

‘TradingShot,’ a crypto analyst on TradingView, has forecasted a new bullish target for Dogecoin, expecting the meme coin to rally above the $0.4325 target. According to the market expert, the Dogecoin price has bounced off the higher lows trendline of its Channel Up pattern, forming a distinct Double Bottom pattern.

The analyst shared a price chart, highlighting that the meme coin was initially trading within the Channel Up pattern since it hit a price bottom on December 20, 2024. Typically, a double bottom pattern forms near the higher lows trendline, signaling a potential for upward reversals. 

The TradingView analyst also revealed that a unique buy signal always emerges whenever the Dogecoin price makes a Double Bottom near the higher lows trendline of the pattern. Furthermore, each time this Double Bottom pattern occurs, the 4-hour Moving Average Convergence Divergence (MACD) displays two consecutive bullish crosses.

Dogecoin

Previously, Dogecoin formed two Double Bottom and MACDs, triggering a significant price rally in both cases. At the time, the price of the meme coin skyrocketed to the 2.618 Fibonacci extension level, marking new highs. Based on this past trend, the analyst believes that the meme coin could experience a similar rally as its price action appears to repeat the same pattern for the third time.  

The TradingView expert’s technical analysis also highlights the role of other moving averages, underscoring that the 4-hour MA50 acts as a crucial support area while the MA200 underscores a broader trend. Currently, the Dogecoin price is rebounding off the Double Bottom near the trend line, and the analyst projects a short-term rally toward $0.4325, aligning with the 2.618 Fibonacci extension level. 

Historical Patterns To Trigger Price Rally Above $20

In another X post, crypto analyst Trader Tardigrade projected a massive price surge for Dogecoin in this bull market. The analyst has based his optimistic forecast on historical trends where DOGE experienced bull rallies after surpassing a previous “candle body high” in 2017 and 2021. At the time, the meme coin had jumped by over 3,000% and 8,000% respectively.

Drawing from 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, the price of DOGE is trading at $0.34 after declining by over 12% in the past week. A surge to the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.

Dogecoin
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Dogecoin Crash Signal Flashes: Analyst Warns Of A Potential 40% DropDogecoin (DOGE) holders have been put on alert by crypto analyst Ali Martinez (@ali_charts), who shared a chart on Monday highlighting a noteworthy technical setup. According to Martinez, the Market
Author  NewsBTC
18 hours ago
Dogecoin (DOGE) holders have been put on alert by crypto analyst Ali Martinez (@ali_charts), who shared a chart on Monday highlighting a noteworthy technical setup. According to Martinez, the Market
placeholder
Bitcoin Faces Persistent Resistance at $100K, Analyst Eyes Next StepWeeks after hitting an all-time high above $109,000, Bitcoin’s price remains under pressure. It is currently trading below the $100,000 mark, an 11.4% decrease from its peak. The crypto asset’s
Author  NewsBTC
2 hours ago
Weeks after hitting an all-time high above $109,000, Bitcoin’s price remains under pressure. It is currently trading below the $100,000 mark, an 11.4% decrease from its peak. The crypto asset’s
placeholder
Amazon, Microsoft, Alphabet, and Meta Just Gave Nvidia Great News. But Does That Make The Stock A Buy Before Feb. 26?The stock market appears to be in the middle of quite the storm as of late. In the final days of January, a Chinese start-up called DeepSeek sent shock waves around the world after
Author  The Motley Fool
2 hours ago
The stock market appears to be in the middle of quite the storm as of late. In the final days of January, a Chinese start-up called DeepSeek sent shock waves around the world after
placeholder
XRP Price Pump To $3.35 On The Horizon With Bullish Cup And Handle Pattern FormationThe XRP price is getting ready for a significant pump, as a new Cup and Handle pattern has just formed on its chart. A crypto analyst who identified the pattern has released an analysis, predicting that XRP could rise to $3.35, marking a new local high for the cryptocurrency. Cup And Handle Pattern To Trigger […]
Author  Bitcoinist
29 mins ago
The XRP price is getting ready for a significant pump, as a new Cup and Handle pattern has just formed on its chart. A crypto analyst who identified the pattern has released an analysis, predicting that XRP could rise to $3.35, marking a new local high for the cryptocurrency. Cup And Handle Pattern To Trigger […]
goTop
quote