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The Dogecoin price continues to stage an attempt to rally significantly towards the highly anticipated $1 mark. Amidst this bullish trend, a crypto analyst has spotlighted a distinctive technical pattern on the Dogecoin price chart known as a “rounded bottom.” As Dogecoin carefully forms this pattern, the analyst has forecasted a significant price surge ahead.
Dogecoin Price Readies To Fly Above $1
A TradingView crypto analyst identified as “CobraVanguard” has spotted a rounded bottom technical pattern on the Dogecoin price chart. The analyst revealed that Dogecoin is currently forming this distinct pattern, and following its completion, it could trigger a price rally above $1.
CobraVanguard hinted at the influence of SpaceX and Tesla CEO Elon Musk on Dogecoin, highlighting that DOGE was the first ever meme coin to gain support from the genius billionaire. The analyst also shared a price chart supporting his Dogecoin price analysis and bullish prediction.
In the price chart, Dogecoin forms the bullish rounded bottom pattern over a weekly time frame. The curved shape on the chart indicates the rounded bottom pattern, which began after Dogecoin’s historical price surge to an all-time high during the previous bull run in 2021. Following this surge, the Dogecoin price experienced a series of fluctuations, marked by periods of decline, recovery, and stabilization.
The analyst’s chart also pinpointed a red zone at $0.68, likely representing Dogecoin’s next price target and resistance level. Following Dogecoin’s rise to $0.68, CobraVanguard predicts that the popular meme coin could experience a massive rally above $1, specifically between $1.2 and $1.5.
The price chart also referenced Musk, possibly suggesting that the Tesla CEO’s support and influence could fuel the meme coin’s potential surge to the $1 target. Overall, the TradingView analyst has declared that investors and traders should “prepare to fly with DOGE” as it readies for this possible rally to new all-time highs. As of writing, the price of Dogecoin is trading at $0.44, marking a slight 5.13% decline in the last 24 hours.
Whales Gobble Up More DOGE
Amidst the bullish sentiment surrounding the Dogecoin price, crypto whales actively accumulate DOGE tokens, signaling increased confidence in the meme coin’s upward potential. Typically, an increase in whale demand for a cryptocurrency indicates investors anticipate significant price growth soon.
According to the X social media account, “CEO,” Dogecoin’s largest whale has added 1.5 million DOGE tokens to their holdings. This substantial accumulation trend comes as analysts share bullish price projections for the Dogecoin price in this bull market.
One notable price forecast by the “Doge lord” on X suggests that the meme coin will steadily rise to new highs this bullish season. The analyst has outlined three key Dogecoin price targets: $0.69, $1, and a potential high of $4.2.
Featured image created with Dall.E, chart from Tradingview.com
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