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Dogecoin Price Completes Final Retest Of Support, Here’s Where It’s Headed Next
In a recent development, Trader Tardigrade has made a bold prediction regarding the price action of Dogecoin. The analyst believes that the meme coin could reach a new all-time high of $4.5, representing an astonishing 1,306% increase from its current market value.
However, before this massive surge, Dogecoin’s price needs to complete its final retest of support at $0.32. As seen on the chart below, the meme coin is currently trading within a Symmetrical Triangle pattern.
Source: DOGEUSDT on Tradingview.com
The analyst highlights that the symmetrical triangle serves as a “solid base” for Dogecoin’s price action, signifying a critical consolidation zone. The pink arrow suggests a potential breakout above the upper trendline, which could lead to a significant upward momentum.
Dogecoin bulls have struggled to maintain their gains over the past month, leading to a 25% decline in value. Despite this downturn, Trader Tardigrade remains optimistic about the meme coin’s future prospects.
Once Dogecoin completes its final retest of support at $0.32, the analyst predicts that it will rally to $0.355 once the projected symmetrical triangle breakout occurs.
In summary, Dogecoin appears to be nearing a critical juncture in the market where it could either continue downward or begin an upward trajectory.
Source: bitcoinist.com
