Dogecoin price continues to attempt to rise significantly towards the long-awaited $1 mark. Amid this bullish trend, one crypto analyst has highlighted a distinctive technical pattern in the Dogecoin price chart known as “rounded bottom”. As Dogecoin carefully forms this pattern, the analyst has predicted a significant price increase forward.
Dogecoin price prepares to fly above $1
A TradingView crypto analyst identified as “CobraVanguard” has stained a rounded bottom technical pattern on the Dogecoin price chart. The analyst revealed that Dogecoin is currently forming this distinctive pattern and once completed, it could trigger a price rally above $1.
CobraVanguard hinted at the influence of SpaceX and Tesla CEO Elon Musk on Dogecoin, highlighting that DOGE was the first meme coin to gain the support of the billionaire genius. The analyst also shared a price chart that supports his Dogecoin Price Analysis and Bullish Prediction.
On the price chart, Dogecoin forms a bullish position. rounded background pattern over a weekly period of time. The curved shape on the chart indicates the rounded bottom pattern, which started after the historic rise of Dogecoin price to an all-time high during the previous bull run in 2021. Following this rise, the price of Dogecoin experienced a series of fluctuations, marked by periods of decline, recovery, and stabilization.
The analyst chart also noted a red zone at $0.68, which likely represents Dogecoin’s next price target and resistance level. Following Dogecoin’s rise to $0.68, CobraVanguard predicts the popular meme coin could see a massive rally above $1specifically between 1.2 and 1.5 dollars.
The price chart also referenced Musk, possibly suggesting that the The support and influence of the Tesla CEO could push the meme coin’s potential rise to the $1 target. Overall, the TradingView analyst has stated that investors and traders should “prepare to fly with DOGE” as they prepare for this possible rally towards new all-time highs. At the time of writing, Dogecoin price is trading at $0.44, which is a slight drop of 5.13% in the last 24 hours.
Whales devour more DOGE
Amid Bullish Sentiment Surrounding Dogecoin Price, Crypto Whales actively accumulate DOGE tokensindicating increased confidence in the meme coin’s bullish potential. Normally, a increased demand for whales for a cryptocurrency indicates that investors anticipate significant price growth soon.
According to social media account X, “CEO”, the biggest Dogecoin whale has aggregate 1.5 million DOGE tokens for your holdings. This major accumulation trend comes as analysts share bullish price projections for the Dogecoin price in this bull market.
a notable one price forecast by “Mr. Doge” on X suggests that the meme coin will steadily rise to new highs this bullish season. The analyst has outlined three key Dogecoin price targets: $0.69, $1, and a potential high of $4.2.
Featured image created with Dall.E, chart from Tradingview.com
