- Multiple analysts have uncovered a bullish formation that could fuel DOGE’s move to $1; meanwhile, another analyst tips the asset to reach between $3.95 and $23.26 in this cycle.
- An analyst who spotted the formation of a bullish pattern hints that the asset consolidated for 24 days during the previous cycle before “taking off.”
Dogecoin (DOGE) is currently down by 5.9% on the 24-hour price chart, declining from the daily high of $0.45 to peg at $0.42 at press time. Meanwhile, renowned analyst Rekt Capital has hinted that the asset could be in line to hit $1 in the near term.
Analyzing his thesis, we observed that Dogecoin is imitating the Bitcoin (BTC) price behavior. According to Rekt Capital, the meme-themed coin is retesting the top of an Ascеnding Triаnglе pаttеrn and turning it into support.
Meanwhile, another analyst identified as Trаdеr Tаrdigrаdе has pointed out that DOGE has broken out of a Symmеtricаl Triаnglе pаttеrn. Per his analysis, the asset could soon secure the $0.55 mark.
Assessing a chart posted by TradingView, it was observed that DOGE is about to embark on another bull run. The 12-hour chart showed a consolidation of a bullish pennant pattern. According to the analysis, DOGE could target $1 in the next breakout. Earlier, an independent analyst, Mikybull, also disclosed the formation of a falling wedge pattern, forming a bullish confluence with an on-balance volume indicator. For analyst Ali Martinez, DOGE could finish the cycle between $3.95 to $23.26.
Dogecoin (DOGE) is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26.
Another Analyst Joins the DOGE Discussion as On-Chain Activities Shows Bullish Outlook
Amid these bullish trends, whales have progressively increased their activities over the past few days. Santiment data shows that addresses with between $100,000 and $1 million have collectively accumulated more than 240 million DOGE tokens
Looking into other data, we observed that the asset’s Open Interest (OI) reached an all-time high of $4.05 billion on November 24. However, this has steadily declined to reach $3.48 billion.
Comparing the current cycle to the previous one, an analyst identified as Kevin pointed out that DOGE consolidated for 24 days before embarking on what he describes as a “macro golden pocket.” In this case, a move from the current phase could see the asset hitting between $3.80 and $4.00.
In Dogecoin’s previous cycle, when it had its first major leg up, it consolidated for 24 days after that move before legging up again to the macro golden pocket. If DOGE were to follow a similar path, that would mean that the next leg would start by the end of the week, and Doge would begin its path, the macro golden pocket, which is at $3.80- $4.00.
For now, Kevin believes that DOGE is testing a major trend line of support on the daily Relative Strength Index (RSI). A break below the current position could see the DOGE falling below $0.40. In any case, the analyst believes that the price could be saved if Bitcoin legs up.
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