Recent analyses from crypto expert TradingShot highlight a promising bullish pattern for Dogecoin, suggesting a significant price surge may be on the horizon. The analyst has urged investors to pay attention, as this could represent the final rally for this prominent meme coin.
Dogecoin Eyes Parabolic Rally With Megaphone Pattern
In a detailed analysis shared via a TradingView post, TradingShot posits that Dogecoin may potentially rally as high as $1.25. The analyst emphasized that the coin is currently navigating through a bullish Megaphone pattern within an upward channel. Notably, the recent rebound observed on June 16 at the weekly MA200 serves as a higher low at the bottom of both patterns.
Additionally, with the 1-week Relative Strength Index (RSI) also recovering from its long-term support zone, TradingShot proclaimed that Dogecoin is likely entering a new bullish phase. This rally could represent a peak for the current cycle, with the analyst predicting a target of $1.25 based on the previous two bullish legs reaching the 3.618 Fibonacci extension following their last decline.
For those looking for a more conservative approach, the analyst suggested a possible target of $0.8 within the upward channel. Achieving both $0.8 and $1.25 would result in new all-time highs (ATHs) for Dogecoin, which currently stands at an ATH of $0.73. The accompanying chart indicates that DOGE could reach these ambitious targets in the first half of the upcoming year.
As the market continues its upward trajectory, the meme coin is anticipated to maintain a steady ascent towards these critical price points. Following Bitcoin’s recent ascent to a new ATH, DOGE has also regained the pivotal $0.20 psychological price level and could be on track to approach its last local high around $0.26.
DOGE Against Its Bitcoin Pair
In a recent post on X, crypto analyst Kevin Capital pointed out that the DOGE/BTC chart is currently positioned in a historical support zone, with monthly indicators reset to favorable levels. This could potentially be the most promising setup for Dogecoin, signaling a potential significant surge for the meme coin.
Furthermore, crypto analyst Trader Tardigrade suggested that the Dogecoin-to-Bitcoin chart may witness a ‘God candle’ this month, igniting what he describes as a DOGE season. During this period, expectations are high for the meme coin to outperform Bitcoin. He presented a chart indicating that DOGE could soar as high as $9 at this juncture, with a critical support level of $0.20 being vital for this potential lift-off.
As of the time of writing, Dogecoin is trading at approximately $0.20, showing an almost 2% increase in the past 24 hours, according to data from CoinMarketCap.
