The cryptanalyst has been selected Dogecoin (DOGE) as the best buying opportunityand sharing technical analysis of the future path of the meme currency and the possibility of a significant rise in prices. While the analyst is encouraging investors to buy Dogecoin, he has discovered two unique technical patterns emerging on the 4-hour time frame supporting its price. Bullish outlook.
Here’s why investors should buy Dogecoin now
This was done by CobraVanguard, a cryptocurrency analyst on TradingView Announce A new buying opportunity for Dogecoin investors, with two bullish chart patterns indicating… A strong rally may be imminent. The first pattern, the ascending triangle, indicates a possible price breakout to the upside. It consists of a flat horizontal resistance line and a rising support line.
The second chart pattern discovered by the analyst is Cup and handle. This indicates a continuation of the upward trend, indicating that the price of the cryptocurrency is about to rise after a while The period of unification.
According to CobraVanguard, Dogecoin price could rise to a new high if these bullish patterns are successful. currently, DOGE is testing the resistance area Between $0.37 and $0.4, indicated by the green area on the chart Ascending triangle. If the meme coin breaks above this resistance level, it could trigger a rally that pushes DOGE to the $0.5 target. The analyst also believes that a close above the resistance area in the cup and handle pattern could boost Dogecoin’s rise to the expected target.
In addition to these two unique bullish technical indicators, the Dogecoin chart indicates potential Butterfly pattern that could affect it Future price movement. This harmonic pattern combines Fibonacci ratios with certain price movements to form a unique butterfly shape on the chart. This often indicates trend exhaustion, which could lead to a price reversal or trend continuation at key levels.
While he has Set a target of $0.5 for DogecoinThe TradingView analyst also revealed that the meme has the potential to target higher price levels if the breakout continues and the momentum continues. Currently, Dogecoin price is trading at $0.36, which means a rise to $0.5 would require gains of up to 38.9%. According to CoinMarketCap, the meme coin is already up 6.3% over the past 24 hours after rising more than 15.8% over the past month.
Analysts confirm DOGE’s bullish momentum
And in another more recent one Share XCryptocurrency analyst Trader Tardigrade announced the possibility of… Strong upward momentum For Doge. The analyst presented a macro chart of Dogecoin, identifying a recurring pattern in price movements.
The chart shows a long-term price pattern that resembles a “cup and handle” series. The two diagonal lines represent an ascending channel to which price movements are associated. Additionally, the blue dots in the chart display previous breakout points, where Dogecoin had a sharp price increase. Based on historical patterns, Tardigrade trader expects a significant upside in DOGE towards higher targets at $65.
Featured image from Unsplash, chart from Tradingview.com
