I Dogecoin price has successfully completed its final test of a key support level, indicating renewed capacity to re-attach the key. According to crypto analyst Tardigrade, Dogecoin can be heading for a new all-time highas historical chart patterns suggest that a parabolic uptrend may be on the upside.
Dogecoin Price Concludes Final Test of Support
At X (formerly Twitter) postedTrader Tardigrade announced that Dogecoin has completed its last test of the key support level at $0.31. The analyst presented a predictive chart Dogecoin’s next big rally and price trajectory based on general historical trends.
This chart, which shows Dogecoin price from 2014 to the present, it highlights periods of consolidation, explosion, and parabolic growth. During previous market cycles, Dogecoin has shown price movements similar to market behavior. Each cycle is characterized by a a long time to walk sidewaysfollowed by a breakout of key resistance and a final retest of this resistance as new support.
In 2017, Dogecoin found a final retest support around the $0.00095 mark before seeing a significant rally, pushing its value to $0.02. A similar pattern also emerged at the beginning 2021 during the previous bull runwhere Dogecoin completed its retest and rose to a high above $0.7.
Trader Tardigrade noted that Dogecoin is repeating this historical trend pattern and in its current cycle. The recent close of your last support test supports his prediction and marks the beginning of the next one potential parabolic rally.
Based on the historical price action, the analyst predicts that Dogecoin can reach an all-time high of $4.5. This huge increase would represent an impressive 1,306% increase from its current market value.
Dogecoin Breakout of the Symmetrical Triangle Pattern
The latest X postTrader Tardigrade identified the appearance of a Symmetrical Triangle on the Dogecoin chart. The price of Dogecoin is currently trading within this triangle, indicating that the meme coin may have time to consolidate before a possible breakout.
The analyst revealed that the Symmetrical Triangle serves as a “strong base” for Dogecoin, representing an important consolidation point. The pink arrow on the charts suggests a bullish breakout to The next Dogecoin price target.
Trader Tardigrade predicted that Dogecoin could break out of the upper trendline of the Symmetrical Triangle, which may lead to its upward movement. The analyst marked the upper trendline at $0.32, which corresponds to the current market price of Dogecoin.
A month ago, Dogecoin has crashed 25%, pushing its price from over $0.4 to $0.32. Despite the volatile market volatility, the popular meme coin is in a long-term decline and consolidation phase. However, Trader Tardigrade predicted that Dogecoin could rally to $0.355 if this supposed Symmetrical Triangle breakout happens.
The featured image was created with Dall.E, a chart from Tradingview.com
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