Dogecoin could be up for an explosive rally to double digits as a recurring bullish pattern seems to be developing on the asset’s higher timeframe.
Top analyst Trader Tardigrade highlighted this pattern in a May 26 tweet amid Dogecoin’s recent resurgence. For perspective, the doggy-themed meme coin seems to rebound from recent shake-offs, up 4% from its intra-week low of $0.219.
Also, a recent analysis has shown a string of positive developments, including a successful retest of a key support area and an early higher-low formation on the weekly timeframe. This further fuels optimism that Dogecoin could be on the cusp of a rebound to higher prices.
History Repeating for Dogecoin
Trader Tardigrade noted that a recurring bullish pattern has emerged on the DOGE/USDT 1M timeframe. The X analysis highlighted that Dogecoin could hit unprecedented prices if this comes to fruition.
An accompanying chart shows that Dogecoin has followed a pattern of price development in the last two cycles, leading to a parabolic expansion in both cases.
For perspective, the token formed a triangle between January and August 2014 and entered a rising channel with its 300% rally to $0.0005. DOGE maintained its trend within the wedge until March 2017, when it rallied 2,900% from $0.0002 to $0.0060.
Dogecoin entered another triangle from the January 2018 high and continued to March 2020. Again, it formed an ascending channel afterwards and remained within the range until November 2020. The token broke out again, rallying 29,130% to its all-time high of $0.76 before retracing to $0.32.
Interestingly, DOGE has repeated the exact pattern this bull cycle. It broke out from a descending triangle in October 2023 and from the wedge this month. With the development, Trader Tardigrade has predicted that a price surge is on the horizon.
Specifically, he predicts an over 5,163% rally from the current price to a new all-time high above $12. Notably, the ambitious target would take DOGE’s market cap to $1.79 trillion, trouncing Ethereum’s current $317 million valuation by over fourfold.
Other Bullish Dogecoin Targets
Interestingly, the Monday analysis comes on the heels of a parallel commentary from Trader Tardigrade predicting a rally to $6. The market watcher highlighted another recurring pattern on Dogecoin’s 6-month chart that would warrant a rally to the new price high.
Moreover, Trader Tardigrade’s forecast follows a trend of bullish positions on Dogecoin. For instance, TradingView analyst Akbar Karimzsfeh called a breakout from a symmetrical triangle, with his target set at $3.
Nonetheless, Dogecoin would have to defy crucial resistance if it wants to target higher prices. Expert Ali Martinez highlighted the supply zone around $0.25 and $0.26 as critical, noting that its reaction around the area will determine its next course of action in the near term.
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.
