A TradingView analysis has identified a clear pattern of price uptrend in the Dogecoin chart, presenting a 200% upside opportunity.
Analyst “SwallowAcademy” shared the bullish Dogecoin setting in a July 2 commentary, as the prominent meme coin shows strong upside momentum. DOGE seems ready to put its 14% correction in the previous month behind it, joining a broader market rebound.
Dogecoin In a Sweet Spot
The commentary highlighted a technical indicator suggesting that Dogecoin is in a favorable position for those seeking to accumulate it at a bargain. The analyst stressed that DOGE is in a “sweet spot” and predicts that a proper upward trajectory is on the horizon.
Meanwhile, the market watcher shared a clear trend that Dogecoin has followed since 2024, which supports this anticipated price explosion. Notably, the accompanying chart shows a series of price upward pushes, a retest of its lows, followed by a break of the previous high.
For more perspective, the chart shows that Dogecoin experienced a massive price rally from February 28, 2024, to March 28 of the same year, rising from $0.085 to $0.229. Following the uptick was a period of consolidation, where DOGE retested its lows, reaching a bottom of $0.080 on August 5, 2024.
However, Dogecoin resumed another round of price upsurge after a period of consolidation, resuming a push to break its previous high in early November. The momentum persisted until it rallied to a multi-year high of $0.4846 on December 8, 2024.
A 200% Upsurge Opportunity Opening
Dogecoin maintained its bullish pattern with a healthy retracement back to its November lows, where the previous fireworks resumed. The meme coin corrected 73% from its December highs to the low of $0.1298 on April 7, which the analyst believes is its bottom.
Having found support around its current price, the TradingView commentary predicted a quick run to retest its previous high and possibly break the resistance to much higher prices. From a price of $0.1612 at the time of his analysis, he predicted a 200% upsurge to December’s high of $0.4846.
Meanwhile, DOGE has rallied slightly higher from there, trading at $0.1742 at the time of writing. This culminates in a 178% uptrend from its current market price.
Nonetheless, SwallowAcademy highlighted that Dogecoin must hold a crucial support at $0.14 to keep the price push alive. He stressed that as long as DOGE trends above the price mark, we can expect a positive move.
Interestingly, if the pattern fully mirrors, the $0.4846 target could be the start, as the past scenario saw Dogecoin break its previous high. Other parallel analyses have predicted a surge to break its current all-time high and reach $0.80, while some suggest a $1 target is on course for DOGE.
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