The Dogecoin price could soon reach the highly coveted $1, a milestone that many low-priced meme coins aspire to achieve. Taking this into consideration, a crypto analyst has unveiled a new technical pattern in the Dogecoin price chart called the ”Descending Megaphone.” The analyst has suggested that if Dogecoin can break out of this distinct pattern, it could set the stage for a significant rally to higher price targets.
Dogecoin Price Eyes $1 Breakout
Trader Tardigrade, a crypto analyst on X (formerly Twitter) has pointed out that the Dogecoin daily candle has just closed with a breakout into a “Descending Megaphone pattern.” While this unique technical pattern is a sign of increasing volatility especially during a downtrend, a break above the upper boundary of this chat pattern could indicate a potential upward move.
In the case of Dogecoin, if its price can move beyond the upper line of the Descending Megaphone pattern, it could signal the start of a huge rally. For more clarity, a Descending Megaphone is a bullish chart pattern formed by two diverging trend lines, with the upper line representing the resistance and the lower indicating support. The pattern typically looks like a megaphone with a downward tilt.
According to Trader Tardigrade, despite entering this unique chart pattern, the Dogecoin price has been showing signs of strength and momentum on the daily chart. Looking at the meme coin’s daily chart, the analyst has set a price target of $0.2, predicting that Dogecoin could rise to this level as part of its price action within the Descending Megaphone pattern.
Trader Tardigrade has shared that he is closely observing how the Dogecoin price behaves within this new pattern formation, paying particular attention to any movement towards the upper boundary of the Descending megaphone.
Responding to his bullish predictions, a crypto community member remarked that a $1 price target remains a highly anticipated dream for Dogecoin Trader Tardigrade replied, asserting that this ambitious and coveted price target is no longer a dream for Dogecoin.
Bitcoin Price Discovery To Influence DOGE Rally
Following his price forecast for Dogecoin, another community member suggested that the Dogecoin price may not reach the $1 target set by Trader Tardigrade without Bitcoin undergoing a price discovery. To this, the analyst simply responded “step by step.”
The Bitcoin price discovery has been a central topic amongst various crypto analysts in the market lately. Notably, a crypto analyst identified as ‘Crypto Feras’ disclosed that if Bitcoin can break through critical price resistance levels, it could potentially revisit the $72,000, ultimately leading to a price discovery and an immense bullish situation.
Considering that a Bitcoin bull run often precedes bullish movements for other cryptocurrencies, Trader Tardigrade has affirmed that after a price discovery, the Dogecoin price could enter a major rally. As of writing, the Dogecoin price was trading at $0.164, marking a staggering 13.72% increase in the last 24 hours, according to CoinMarketCap.
Source: NewsBTC