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Dogecoin Price Completes Final Retest Of Support, Here’s Where It’s Headed Next
In a surprising turn of events, the Dogecoin price has completed its final retest of support, leaving many wondering what lies ahead for this popular meme coin. The retest is seen as a crucial step in the overall trend analysis, and the analyst at Trader Tardigrade believes that the momentum will shift once more.
Trader Tardigrade’s previous prediction was recently highlighted, suggesting that Dogecoin could reach a new all-time high of $4.5. As we approach this potential breakout, it is essential to examine the current market dynamics and any potential factors that might influence the price action.
To begin with, let’s take a closer look at the current chart pattern . Dogecoin has been in a prolonged downturn, causing its market value to plummet by 25% over the past month. It appears that the DOGE is currently trading within a symmetrical triangle pattern.
Within this symmetrical triangle, there are two possible outcomes: either the price will continue to consolidate and form another higher low or break above the upper trendline at $0.32. If we take Trader Tardigrade’s forecast into consideration, it is essential to consider both of these scenarios in detail.
Firstly, let us focus on the scenario where Dogecoin breaks out of the Symmetrical Triangle pattern. In this eventuality, it would be crucial for DOGE bulls to hold their ground and defend the recent low at around $0.29. If they are successful in doing so, we may expect a bullish breakout from the triangle.
It’s important to remember that Dogecoin’s past performance indicates significant price volatility. A potential upward move could push prices as high as $4.5, which is roughly 1,306% higher than its current value.
In conclusion
Source: bitcoinist.com
