Dogecoin’s price has been a bit bumpy lately, but there’s reason for optimism. A recent breakout from a bullish chart pattern suggests DOGE could be headed for higher prices.
A Bullish Breakout
Crypto analyst Trader Tardigrade points to Dogecoin breaking out of a Symmetrical Triangle pattern. This is good news, suggesting a potential rally. The fact that DOGE didn’t immediately pull back after the breakout is a strong sign, indicating buyers are in control.
Buying Opportunity?
If DOGE retraces to the upper line of the triangle (around $0.44), Trader Tardigrade sees it as a great buying opportunity. He predicts a potential return of over 50%, with a target price of $0.65.
The Bigger Picture
Looking at the bigger picture (monthly chart), DOGE has been bouncing between overbought and oversold zones. It’s currently moving into the overbought zone, which Trader Tardigrade predicts will peak around $8-$10. After that, he expects a drop to the $0.8-$1.8 range, presenting another buying opportunity.
Recent Dip – Temporary Setback?
Dogecoin has experienced a significant drop recently (nearly 6% in one day and over 11% on Monday). This has created some uncertainty. However, a massive increase in trading volume (over 81%) suggests buyers are stepping in. Keep an eye on key support and resistance levels.
