Dogecoin Price Set for Major Pump? Key Levels and Patterns Signal Breakout
- DOGE could see a 27% rally if it breaks past the $0.169 resistance level, targeting a rise to $0.209.
- Technical patterns suggest a parabolic breakout for DOGE if it clears key monthly levels.
- Dogecoins historical cycles point to strong growth potential, sparking excitement among investors.
Dogecoin (DOGE) might be on the verge of a major price pump, given the technical analysis trends that are suggestive of a break out. Experts in analysis and trading have outlined specific levels of resistance and long term formations on the chart which means if DOGE manages to break through certain price ranges then it would rally.
Dogecoin Critical Resistance Level
In the short term, crypto analyst Ali Martinez pointed out that DOGE has critical resistance at $0.169. As per Martinez, a break above this level could send Dogecoin on a 27% rise, with the price reaching $0.209. This remains a crucial price level and if DOGE is to continue the upward movement, it must hold here. The 4-hour time frame has a bearish channel that could open up more upward pressure if it is violated.
Trader Tardigrade further boosted the DOGE outlook by looking at the monthly chart with a falling wedge pattern on it. Breakout from falling wedges is usually bullish, and may lead to a reversal or a parabolic rise. Past breakout from similar wedge patterns in DOGEs chart prior to this resulted in a sharp rise hence Dogecoin may be set for another big bullish run if this pattern is broken.
Parabolic move is following the falling wedge breakout Tardigrade pointed out in a recent analysis, meaning the current pattern is similar to the previous ones. Thus, as long as DOGE retains this structure, there is still a high chance of large profits.
Source: Chart by Trader Tardigrade
DOGEs Growth Potential
As part of a long-term analysis, Zer0 pointed out that DOGE has shown an explosive growth pattern after long periods of stagnation. Based on his analysis, prior cycles feature gains of as much as 92X and 300X after years of consolidation. According to Zer0, as has occurred in the past, if Doges current status remains unchanged, there could be a major surge in price, which means that long-term investors are in for a treat.
The multi-year cycles of DOGE show signs of a possible great rally as has been seen in previous years. If the consolidation phase ends with a breakout, it could open another big rally.
Source: Chart by Zer0
Dogecoins technical configuration has been attracting traders, many of whom are eyeing the $0.169 barrier. A breakdown could confirm the falling wedge and open up parabolic rises which are typical for DOGE in the past. The bearish market has not gone away, but combining short-term and long-term bulls supports the idea that DOGE is about to make a big move, which will cause enthusiasm among the investors again.
Read more: https://www.tronweekly.com/dogecoin-price-set-for-major-pump-key-levels/
Text source: TronWeekly
