Dogecoin (DOGE) may experience several months of price uptrend, potentially reaching new all-time highs, as a recurring pattern indicates renewed bullish momentum.
Top analyst Trader Tardigrade highlighted this pattern in a July 27 tweet, as Dogecoin stabilizes around $0.241. DOGE relinquished some of its gains last week, following its 12.5% correction as it joined a broader market trend.
Nonetheless, the doggy-themed meme coin is up an impressive 47% since the start of July, a figure that stretched to 73% last week when it reached a high of $0.288. Despite recent declines, Trader Tardigrade has shown that the uptrend might just be starting, considering what is on the horizon for Dogecoin.
Heikin Ashi Chart Indicates Dogecoin Change of Trend
For context, the prominent market analyst shared that the Heikin Ashi chart shows the first green candlestick for Dogecoin on the monthly timeframe. For the uninitiated, the Japanese chart smoothens out the noise, providing a clearer price trend for an underlying asset.
Trader Tardigrade noted that the developing bullish candlestick follows five consecutive months of Dogecoin price downtrend. During the pullback, DOGE’s price fell from a high of $0.332 to a low of $0.129 before the recent resurgence.
Meanwhile, the bullish July candlestick goes beyond just a price rebound; the analyst suggested it could be the start of something special for Dogecoin. Specifically, he noted that DOGE could print several other monthly bullish candlesticks to unprecedented prices.
Fueling this bullish disposition is his identification of a similar pattern in previous developments. The market watcher noted that each bullish trend shift seen in the Heikin Ashi chart continues to print like green candlesticks in the following months.
An accompanying chart further elaborates this scenario and the possible impact on the price of Dogecoin. For perspective, after reaching a high of $0.158 in November 2022, Dogecoin entered an eleven-month price pullback to a low of $0.056 in October 2023. Meanwhile, the first bullish candlestick emerged in November 2023, setting DOGE on its way to March 2024’s high of $0.229.
A similar pattern repeated itself after the high in March 2024, with Dogecoin entering another phase of price depression between May and September 2024. The chart shows another change of course after the first green candlestick in October 2024, sparking the surge to an intra-month of $0.4846 two months later.
New All-Time High of DOGE Following Recurring Trend
Now, Trader Tardigrade has identified that Dogecoin is on course for its first monthly bullish candlestick since February. If the meme coin mirrors its past performance at this instance, then DOGE will experience several months of price rally to a new all-time high.
Precisely, the analyst’s chart forecasts a rally past the current peak price of $0.748 to $0.85. This represents a 252% rally from its current price of $0.241 and a 559% increase from its April low of $0.129.
Notably, the analyst is not the only one to have predicted a rally to new all-time highs for Dogecoin in the near term. MangoMan4 predicted the exact $0.85 target in a recent analysis, citing a resistance breakout.
Meanwhile, MasterAnanda suggested a further surge to $1.17, with CryptoELITE insisting $5 is the real deal for Dogecoin this cycle.
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.
