Well-followed crypto market watcher “Trader Tardigrade” contends that Dogecoin may be ready to kick off a new surge.
Over the past few months, the price of Dogecoin (DOGE), the largest meme coin by market capitalization, has been battered by broader uncertainty driven by macroeconomic and inflation concerns.
Specifically, the meme coin has fallen over 70% in the past 3 months from a high of $0.48434 to trade as low as $0.14280. However, one analyst has suggested that Dogecoin has now flashed a key reversal signal.
A Dogecoin Weekly Doji
Well-followed analyst “Trader Tardigrade” has contended that Dogecoin may be ready to kick off a new surge. Trader Tardigrade disclosed this in an X post on Monday, March 17. He pointed to a doji candle on the meme coin’s weekly candlestick chart.
A doji is a candlestick formed when a candle’s opening and closing prices are virtually at the same level. It typically suggests that neither buyers nor sellers were able to prevail within that time frame.
On its own, it is a neutral pattern, but when put in a larger context, it can suggest a shift in a trend, as it could suggest that the previously dominant market players are losing conviction.
This doji formed on the Dogecoin chart last week as the meme coin opened the week at $0.16810 and closed at $0.16817 after weeks of selling.
Trader Tardigrade suggested this could indicate a price reversal as a similar doji preceded Dogecoin’s 240% run in Q4 2024.
A DOGE Rally to $1?
This DOGE rally, if it occurs, could take the meme coin near a long-desired yet elusive price milestone: the $1 price point. At least, that is what Trader Tardigrade’s chart suggests.
The analyst set a price target near $0.95, seemingly anticipating an ascending channel formation.
Nonetheless, at the time of writing, DOGE is trading at $0.1730, representing an over 3% loss on the day.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
