Dogecoin’s price has been struggling lately, but a new technical analysis suggests a massive price surge is on the horizon. One analyst believes a specific chart pattern points to a potential price target of $11.16.
The Setup: An “Adam and Eve” Pattern
The analysis focuses on a “macro breakout setup,” specifically an “Adam and Eve” pattern. This pattern, completed after Dogecoin’s Q4 2024 breakout, suggests a significant price increase. Dogecoin surged past long-term resistance, hitting a high near $0.475 before pulling back. This pullback, according to the analyst, isn’t a bearish sign but a necessary consolidation phase.
Re-accumulation and Support
The current price is hovering just above a strong support level around $0.25. This area is acting as a base for re-accumulation, meaning buyers are gathering strength before the next big move. Holding above this support is crucial for the bullish prediction to hold true.
The Key Resistance: Breaking the Neckline
A major hurdle stands in the way: a resistance level near $0.70787 (just below Dogecoin’s all-time high). Breaking through this resistance would trigger a move above the all-time high and could fuel the rally towards the $11.16 target. Even reaching this resistance level represents a massive 172% increase from the current price.
The Road to $11
The analyst believes a strong rally to the neckline resistance would create the momentum needed to push Dogecoin into uncharted territory – above $10. However, this bullish scenario depends on the overall cryptocurrency market remaining positive. The $11.16 price target is a long-term projection based on this specific technical analysis.
