Cryptocurrency analyst Trader Tardigrade predicts that Dogecoin will rise 3,000% to a new high All time high (ATH) From $4. The analyst highlighted the bullish setup, noting that the leading meme coin has formed a base that could spark a parabolic rally to the upside.
Dogecoin is looking to rise to $4 with this bullish setup
in Share Xtrader Tardigrade stated that the Dogecoin launchpad has been set and the setup ahead of the massive surge is in place. The accompanying chart showed that DOGE could reach $4, given the formation of this launch pad. Such a move could reverse 2017 Taurus cycleThe meme currency rose from $0.000170 to $0.005.
Related reading
Trader Tardigrade stated that a breakout move to the “moon” looks to be next, especially with momentum building, and that a surge in volume could spark the next wave higher. In another Share XThe analyst said that Dogecoin has flashed Bullish divergence twice. He added that the price continued to record lower lows, but the indicators refused to follow them.
He explained that this is a sign that the selling pressure is fading and that a shift from a bearish trend to a bullish one may be on the horizon. The analyst reiterated this bullish view in… Another analysisNoting that Dogecoin is showing “strong signs” that the downtrend is losing momentum. The Tardigrade trader has detected an inverse head and shoulders formation on the lower time frame (LTF).
Now, the price is moving towards the neckline. Trader Tardigrade said a clear break and hold above the neckline would confirm a comfortable rally in the short term. If this happens, the analyst stated that multiple time frame reverse It could happen soon, which would be bullish for Dogecoin. He noted that DOGE’s first focus will be on regaining the $0.10 psychological level.
DOGE still trades with a multi-cycle structure
Cryptographic analyzer Bitcoinsensus mentioned Dogecoin continues to trade within a large multi-session structure, with the chart highlighting the similarities between the current and previous setup. Macro unification operations. The analyst added that the broader formation keeps the third cycle in focus, while the market watches to see if this phase develops as it did in previous bull cycles.
Related reading
However, in the short term, the analyst expects Dogecoin to see another downward movement. Bitcoinsensus stated that DOGE Head and shoulders The collapse was in play. The analyst noted that the chart also indicates a lower support area as the measured area of movement. This keeps the area in focus while DOGE price remains weak, trading below its previous structure. The accompanying chart showed that the meme coin could fall to $0.05 at this collapse.
At the time of writing, Dogecoin price is trading at around $0.095, up more than 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image of Pngtree, chart from Tradingview.com
