Crypto Trader Tardigrade Analyst has it highlighted an interesting development in the Dogecoin price movement as it begins to trade within a range. According to the technical analysis of the crypto analyst, Dogecoin is currently in the manipulation phase. Interestingly, he noted that the king of meme coins has been following the Power of Three (PO3) pattern for the past several weeks, indicating a rising tide.
Dogecoin Meets the Power of 3 Patterns
The Power Of 3 pattern is an interesting price pattern in technical analysis that always ends in a strong, bullish move. This pattern reveals three critical categories; Accumulation, Manipulation, and Distribution, which together define market cycles.
In the case of Dogecoin, the best meme cryptocurrency still exists in a downtrend from the second week of December, with significant corrections leading to the break below cost 0.30 US dollars. As pointed out by Trader Tardigrade, this drop is part of a Power Of 3 pattern, which means it is very important with the price going up from here.
According to Trader Tardigrade, using the daily candle time chart, Dogecoin’s bullish phase started in early November to mid-December after a crazy surge that lasted from October to November. During this period of accumulation, the value of Dogecoin is consolidated within a narrow range, showing low activity but significant buying interest as some owners take profits.
#Dogecoin seems to coincide with the Power of Three (PO3) pattern 🔥$ Doge has just moved out of the long consolidation of the Accumulation Phase, which runs from early November to mid-December, into the Deception Phase. Following this, the Distribution Section is expected to… pic.twitter.com/qvEYCQbUly
– Trader Tardigrade (@TATrader_Alan) December 24, 2024
However, recent price action over the past two weeks has seen the price of Dogecoin enter a bullish phase. This phase was characterized by a sharp drop from volatility, especially on December 20, when the price of Dogecoin briefly dropped to $0.267. However, this phase can be a precursor to the last and most explosive phase of the pattern (the distribution phase).
Spread Section To Send Dogecoin Price To New All-Time High
The strength of the 3 pattern culminates in the distribution phase, which is characterized by strong bullish momentum. In the case of Dogecoin, Trader Tardigrade predicted that this category will push its price to new all-time highs above the current $0.7316. In particular, the analyst has released a price movement that will see Dogecoin reach as high as $0.95 in the distribution phase.
At the time of writing, Dogecoin is trading at $0,332, up about 3.5% in the last 24 hours. Reaching the $0.95 target would translate into an upside of around 186% from the current price. Regarding the timeline, the analyst pointed to the first two weeks of 2025 as a possible tense for this progress to be realized.
This the prediction is consistent Dogecoin’s broad market expectations, with many investors and analysts it expects a break above $1. While the $0.95 target stops just shy of this milestone, it serves as a strong indicator of the ongoing sentiment towards Dogecoin.
The featured image was created with Dall.E, a chart from Tradingview.com