Dogecoins Cup & Handle Pattern Signals $4 BreakoutWill DOGE Go Parabolic?
- Dogecoin forms cup and handle pattern, with nlyst David prdicting $4 pric trgt.
- Strong rsistnc t $0.48 ld to pullbck, consolidting btwn $0.14 nd $0.17.
- Anlyst Ali Martinez ss $0.16 s ky support for potntil parabolic surg.
Dogecoin (DOGE) is ctching th ttntion of trdrs ftr forming txtbook cup and handle pattern on its wkly chrt. If confirmd, the nlyst David suggsts this pttrn could snd th populr mmcoin soring to n mbitious pric trgt of $4.
Th formtion strtd in My 2021, whn Dogecoin tumbld from its ll-tim high of $0.74. This dclin ld to prolongd priod of consolidtion, whr DOGE formd roundd bottom btwn $0.05 nd $0.06. This slow nd stdy movmnt hintd t growing ccumultion, with rly buyrs positioning for futur rlly.
Strong Resistance Leads to Pullback
As mrkt sntimnt improvd, DOGE grdully climbd, rching $0.48 in Dcmbr 2024. This stdy rcovry rflctd rnwd invstor intrst nd bullish momntum. Howvr, this lvl ctd s strong rsistnc, lding to modrt pullbck.
This pullbck formd th hndl, ncssry phs in th cup and handle pattern. Th hndl is currntly shping up in th $0.14 to $0.17 zon, whr DOGE is consolidting. If this pttrn holds, th finl brkout could b th xplosiv mov trdrs r wtching for.
Crypto nlyst David blivs tht onc th brkout hppns, th msurd mov tchniqudding th cups dpth to th brkout lvlsuggsts pric trgt of $4.
Dogecoins Next Surge Hinges on $0.16
Mnwhil, Ali Martinez, nothr wll-known nlyst, ss nothr bullish cs for DOGE. In Mrch 14 post on X, h highlightd Dogecoins long-trm Ascending Channel pttrn. This chnnl hs ctd s ky support lvl for yrs, prvnting DOGE from slipping lowr.
Lst yr, DOGE tstd th bottom of this chnnl nd succssfully bouncd bck. Now, following shrp dclin, th pric is onc gin nr this crucil support. If history rpts, strong rbound could st th stg for nothr surg. Martinez mphsizd, Dogecoin $DOGE still hs chnc to go parabolic if th $0.16 support lvl holds!
Th rcnt mrkt-wid crsh rttld invstors, bringing uncrtinty to crypto ssts. Howvr, s long s DOGE rmins insid its Ascnding Chnnl, Martinez blivs its bullish potntil rmins intct. Th coins bility to hold its $0.16 support lvl will b ky in dtrmining its nxt big mov.
In th pst 24 hours, Dogecoin hs shown signs of rsilinc, rising 2.45% to $0.175.
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Read more: https://www.tronweekly.com/dogecoin-cup-handle-pattern-signals-4-breakout/
Text source: TronWeekly
