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Renowned crypto analyst Trader Tardigrade has captured the attention of the cryptocurrency community by identifying a promising bullish pattern on the Dogecoin price chart. This development has sparked discussions on the potential short-term rise of Dogecoin’s price.
Understanding the Bullish Pennant Formation
In a recent post, Trader Tardigrade highlighted that Dogecoin’s price has reached the apex of a bullish pennant on the daily Heikin Ashi chart. This technical formation suggests that a breakout could be imminent. The analyst noted that a conservative price target, calculated from the pennant pole, would be around $0.18.
Analyzing Recent Price Movements
According to the analyst’s chart, Dogecoin might achieve this price target before the end of the month. This month has already been favorable for DOGE, with CryptoRank data indicating a 22% increase in October alone. This performance is surpassed only by the gains seen in February and March earlier this year.
Should Dogecoin reach $0.18 this month, it would align October’s price performance with February’s, when DOGE saw a 50% monthly return. March was even more remarkable, with an 87% surge, pushing the price to a yearly peak of $0.22.
Long-term Price Predictions
The upward trend observed in Dogecoin’s price this month is likely to persist into the end of the year and further into the next. Crypto analyst Dima James anticipates this recovery trend will extend into 2025. Intriguingly, he forecasts that DOGE could rally to $10 or beyond next year, drawing parallels to the 2021 bull pattern.
Furthermore, Trader Tardigrade mentioned that Dogecoin has replicated a ‘Reversal box’ move reminiscent of the 2021 bull run. Based on this pattern, he predicts DOGE could achieve $3.7 in the coming year.
The Path to a New All-Time High of $3
Another crypto analyst, KrissPax, has shared insights on how Dogecoin could achieve a new all-time high (ATH) of $3. By applying the law of diminishing returns, he identified a resistance level at $0.22. If DOGE successfully breaches this resistance, it could elevate the price to $0.35, another significant resistance point.
Breaking Through Key Resistance Levels
KrissPax posits that overcoming this resistance could propel Dogecoin to its current ATH of $0.73. Following this milestone, he envisions the leading meme coin reaching a new ATH around $3 by 2025. However, for this trajectory to unfold, DOGE must first surpass the $0.14 resistance level. A successful breakout here could lead to a rally towards $0.20.
As of now, Dogecoin is trading at approximately $0.138, experiencing a slight dip in the past 24 hours, as per CoinMarketCap data.
