The Dogecoin price continues to make an attempt to rise significantly towards the long-awaited $1 mark. Amid this bullish trend, a crypto analyst has highlighted a distinctive technical pattern in the market Dogecoin price chart known as a ’rounded bottom’. While Dogecoin carefully forms this pattern, the analyst has predicted that significant price increase forward.
Dogecoin price poised to fly above $1
A TradingView crypto analyst identified as “CobraVanguard” did just that spotted a technical pattern with rounded bottom on the Dogecoin price chart. The analyst revealed that Dogecoin is currently forming this clear pattern, and upon completion it could cause a price increase above $1.
CobraVanguard hinted at the influence of SpaceX and Tesla CEO Elon Musk on Dogecoin, highlighting that DOGE was the first ever meme coin to receive support from the genius billionaire. The analyst also shared a price chart that supported his Dogecoin price analysis and bullish forecast.
In the price chart, Dogecoin forms the bullish one rounded bottom pattern over a weekly time frame. The curved shape on the chart indicates the rounded bottom pattern, which started after Dogecoin’s historic price rise to an all-time high during the previous bull run in 2021. After this rise, the Dogecoin price experienced a series of fluctuations, characterized by periods of decline, recovery and stabilization.
The analyst’s chart also indicated a red zone at $0.68, which likely represents Dogecoin’s next price target. resistance level. Following Dogecoin’s rise to $0.68, CobraVanguard predicts that the popular meme coin will huge rally above $1specifically between $1.2 and $1.5.
The price chart also referenced Musk, possibly suggesting that the Support and influence from Tesla’s CEO could fuel the meme coin’s potential rise to its $1 target. Overall, the TradingView analyst has stated that investors and traders should “prepare to fly with DOGE” as the company prepares for this potential rally to new all-time highs. At the time of writing, Dogecoin’s price is trading at $0.44, marking a slight decline of 5.13% in the last 24 hours.
Whales swallow more DOGE
Amid the bullish sentiment surrounding the Dogecoin price, crypto whales actively collect DOGE tokensindicating greater confidence in the meme coin’s upside potential. Usually one increase in demand for whales for a cryptocurrency indicates that investors expect significant price growth soon.
According to the social media account X, “CEO” has the largest whale in Dogecoin added Added 1.5 million DOGE tokens to their holdings. This substantial accumulation trend comes as analysts share bullish price projections for the Dogecoin price in this bull market.
One notable price prediction by the “Doge Lord” on X suggests that the meme coin will steadily rise to new highs bullish season. The analyst has outlined three major Dogecoin price targets: $0.69, $1, and a potential high of $4.2.
Featured image created with Dall.E, chart from Tradingview.com