He Dogecoin Price has successfully completed its final retest of a crucial support level, indicating renewed potential for a significant rebound. According to crypto analyst Trader Tardigrade, Dogecoin could be heading to new all-time highsas historical chart patterns suggest that a parabolic rise could be on the horizon.
Dogecoin price concludes retest of final support
In an X (formerly Twitter) mailTrader Tardigrade stated that Dogecoin had completed its final retest of the critical support level at $0.31. The analyst presented a graph that predicts Dogecoin’s Next Big Rally and price trajectory based on recurring historical trends.
This graph, which illustrates Dogecoin price action From 2014 to the present, it highlights periods of consolidation, breakup, and parabolic growth. During previous market cycles, Dogecoin has shown similar price movements and market behavior. Each cycle is characterized by a prolonged period of lateral movementfollowed by a breakout of the key resistance and a final retest of this resistance as new support.
In 2017, Dogecoin experienced its first final retest of support around the $0.00095 mark before witnessing a significant rally, taking its price to $0.02. A similar pattern also emerged early 2021 during the previous lockdownwhere Dogecoin completed its final retest and hit an all-time high above $0.7.
Trader Tardigrade noted that Dogecoin is repeating this historical trend pattern again in its current cycle. The recent conclusion of its retest of final support supports its prediction and potentially ushers in its next potential parabolic rally.
Based on recurring historical price action, the analyst predicts that Dogecoin could reach a new all-time high of $4.5. This massive increase would represent a staggering 1,306% increase from its current market price.
Dogecoin to break out of a symmetrical triangle pattern
In a more recent x publicationTrader Tardigrade identified the appearance of a Symmetrical triangle on the Dogecoin chart. Dogecoin price is currently trading within this triangle, indicating that the meme coin could go through a period of consolidation before a possible breakout.
The analyst has revealed that the Symmetrical Triangle acts as a “solid foundation” for Dogecoin, representing a key consolidation zone. The pink arrow on the charts suggests a bullish breakout towards Dogecoin’s next price target.
Trader Tardigrade has predicted that Dogecoin could break out of the upper trend line of the Symmetrical Triangle, which would potentially lead to its upward momentum. The analyst has marked the upper trend line at $0.32, matching the current market value of Dogecoin.
During the past month, Dogecoin has crashed 25%, raising its price from over $0.4 to $0.32. Despite declining market volatility, the popular meme coin has been in a prolonged phase of slowdown and consolidation. However, Trader Tardigrade has predicted that Dogecoin could rise to $0.355 once this projected breakout of the Symmetrical Triangle occurs.
Featured image created with Dall.E, chart from Tradingview.com
