Dogecoin has been struggling lately, but there are signs that things might be changing. Analysts are seeing a bullish chart pattern that could send DOGE soaring.
A Potential Breakout
A market expert, Trader Tardigrade, points out that DOGE is moving within a “parallel channel” pattern. Historically, this pattern has led to significant price increases for Dogecoin, even reaching new all-time highs. This time around, the pattern suggests a potential surge, attracting both short-term and long-term investors.
The current price action resembles the 2017 market cycle. While past bull and bear markets have gone beyond the channel lines, this pattern currently points towards a new all-time high. Trader Tardigrade predicts a potential price target of around $3.69. However, this could also mark the peak for this cycle.
The Bear Market is Coming
While a rally is predicted, it won’t last forever. Market expert Chandler anticipates a bear market for DOGE beginning later this year.
Chandler’s strategy involves holding until at least March 24th (the 0.236 Fibonacci time zone), then selling. He sees the 0.382 Fibonacci level (around October 20th) as the likely start of the bear market.
Currently, DOGE is trading around $0.25, down about 3% in the last 24 hours. Interestingly, trading volume is up over 52%, suggesting some investors are buying the dip.
