The Dogecoin price has experienced significant growth, maintaining a steady climb within a well-defined “Channel Up” pattern since December 2024. Recent technical indicators and price action suggest that Dogecoin may be getting ready for a major price rally. A crypto analyst has confirmed this bullish outlook, forecasting Dogecoin’s rise to its first target of $0.432.
Double Bottom Confirms Dogecoin Price Bullish Set-Up
‘TradingShot,’ a crypto analyst on TradingView, has forecasted a new bullish target for Dogecoin, expecting the meme coin to rally above the $0.4325 target. According to the market expert, the Dogecoin price has bounced off the higher lows trendline of its Channel Up pattern, forming a distinct Double Bottom pattern.
The analyst shared a price chart, highlighting that the meme coin was initially trading within the Channel Up pattern since it hit a price bottom on December 20, 2024. Typically, a double bottom pattern forms near the higher lows trendline, signaling a potential for upward reversals.
The TradingView analyst also revealed that a unique buy signal always emerges whenever the Dogecoin price makes a Double Bottom near the higher lows trendline of the pattern. Furthermore, each time this Double Bottom pattern occurs, the 4-hour Moving Average Convergence Divergence (MACD) displays two consecutive bullish crosses.
Previously, Dogecoin formed two Double Bottom and MACDs, triggering a significant price rally in both cases. At the time, the price of the meme coin skyrocketed to the 2.618 Fibonacci extension level, marking new highs. Based on this past trend, the analyst believes that the meme coin could experience a similar rally as its price action appears to repeat the same pattern for the third time.
The TradingView expert’s technical analysis also highlights the role of other moving averages, underscoring that the 4-hour MA50 acts as a crucial support area while the MA200 underscores a broader trend. Currently, the Dogecoin price is rebounding off the Double Bottom near the trend line, and the analyst projects a short-term rally toward $0.4325, aligning with the 2.618 Fibonacci extension level.
Historical Patterns To Trigger Price Rally Above $20
In another X post, crypto analyst Trader Tardigrade projected a massive price surge for Dogecoin in this bull market. The analyst has based his optimistic forecast on historical trends where DOGE experienced bull rallies after surpassing a previous “candle body high” in 2017 and 2021. At the time, the meme coin had jumped by over 3,000% and 8,000% respectively.
Drawing from historical trends, Trader Tardigrade predicts that if Dogecoin follows a similar trend pattern, its price could rally to $8.32 before skyrocketing to an ultimate target of $20.68. As of writing, the price of DOGE is trading at $0.34 after declining by over 12% in the past week. A surge to the analyst’s projected targets would require the meme coin to rally by 2,347% and 5,982%, respectively.
Featured image from Unsplash, chart from Tradingview.com
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Scott Matherson
Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.