Dogecoin Predicted Swing Pattern by Chart Analyst Might Reach $0.8 by August
Rewritten Base Article:
Dogecoin's Underdog Story: A Technical Analysis Perspective
Looks like the scrappy meme coin, Dogecoin, might be making a comeback, according to a crypto chart technical analyst.
Enter "Trader Tardigrade," who gave Dogecoin a thumbs-up in a recent post on X. This analyst pointed out a recurring pattern in Dogecoin's price behavior that suggests the meme coin could be the underdog in the crypto markets right now.
"Dogecoin consistently finds support at previous swing highs," Trader Tardigrade noted in a post on Apr. 30. "It just rebounded from support matching a previous swing high," they added. "Dogecoin may have completed its pullback and could surge again soon."
Previously, when Dogecoin found support at the previous swing high level, that support was in Q3 last year at Q4 2023's swing high level. From there, Dogecoin soared to the upper resistance line of its broader, multi-year trend channel.
Following this pattern, if Dogecoin repeats its behavior, we may see a significant rally, potentially propelling the price up to as much as $0.80 per DOGE by August.
A Breakthrough on the Horizon for DOGE Tokens?
Dogecoin's price has been cooling off since a moonshot to $0.46 in December. This surge in price followed the pattern that Trader Tardigrade describes for Dogecoin's graph.
Historically, Dogecoin's price tends to reverse at recent swing high levels, only to find support there. A breakout to significantly higher levels could be on the horizon if Dogecoin continues this trend.
It's worth noting that Dogecoin hasn't had the past 12 months that Bitcoin has had. But over time, it has historically had periodic flash rallies, where prices rise by shocking percentages. These rallies occurred during Spring 2021 and Winter 2024.
Popular Bitcoin analyst Muro Crypto recently reminded followers, "Once DOGE starts pumping, it would be the official signal for a legit altseason. It's always been the altseason indicator."
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Oh, and by the way, further analysis indicates that historical support at previous swing highs often results in sharp upward movements or flash rallies, especially when combined with increased volume and favorable technical setups. Keep your eyes peeled on these key levels for potential bullish continuations.
Enrichment Data:
- Dogecoin has a discernible historical pattern of price behavior involving reversals or support at recent swing high levels, often followed by rallies or upward movements.
- In addition to the pattern described above, Dogecoin has also displayed technical patterns like falling wedges, which suggest a potential bullish breakout once resistance is breached.
- Dogecoin's price often incorporates sharp upward movements, or flash rallies, when it touches or briefly reverses at key levels, which are strengthened by increased volume and favorable technical setups.
- Dogecoin's historical pattern indicates that a potential breakout to significantly higher levels could follow if it continues to find support at its recent swing highs, as suggested by technical analysis.
- A sharp upward movement or flash rally might occur for Dogecoin if it touches or briefly reverses at key levels, especially when combined with increased volume and favorable technical setups, making it an intriguing opportunity for crypto investors.
