The Dogecoin price has recently completed its final retest of a crucial support level, indicating the potential for a significant rebound. Trader Tardigrade, a crypto analyst, believes that Dogecoin could be on its way to new all-time highs as historical chart patterns suggest a parabolic surge may be imminent.
In a post on X (formerly Twitter), Trader Tardigrade announced that Dogecoin had successfully completed its final retest of the critical support level at $0.31. The analyst presented a chart outlining Dogecoin’s next major rally and price trajectory based on historical trends.
The chart, depicting Dogecoin’s price action from 2014 to the present, illustrates periods of consolidation, breakout, and parabolic growth. Previous market cycles have shown similar price movements and market behavior, with each cycle characterized by a prolonged sideways movement, followed by a breakout of key resistance and a final retest of this resistance as the new support.
In 2017, Dogecoin underwent its first final support retest around the $0.00095 mark before experiencing a significant rally that pushed its price to $0.02. A similar pattern emerged in early 2021 during the previous bull run, where Dogecoin completed its final retest and surged to an all-time high above $0.7.
Trader Tardigrade notes that Dogecoin is repeating this historical trend pattern in its current cycle, with the recent completion of its final support retest supporting his prediction of a potential parabolic rally. Based on historical price action, the analyst predicts that Dogecoin could reach a new all-time high of $4.5, representing a 1,306% increase from its current market price.
Additionally, Trader Tardigrade has identified the formation of a Symmetrical Triangle on the Dogecoin chart, indicating a potential period of consolidation before a breakout. The analyst predicts that Dogecoin could break out of the upper trendline of the Symmetrical Triangle, leading to upward momentum. The upper trendline is marked at $0.32, coinciding with Dogecoin’s current market value.
Despite a recent 25% crash in Dogecoin’s price, pushing it from above $0.4 to $0.32, Trader Tardigrade believes that Dogecoin could rally to $0.355 once the projected Symmetrical Triangle breakout occurs. Overall, the analyst remains bullish on Dogecoin’s potential for a significant price increase.
In conclusion, Dogecoin’s price action and historical trends suggest that the cryptocurrency could be on the verge of a major rally towards new all-time highs. Trader Tardigrade’s analysis points to potential growth and bullish momentum for Dogecoin in the near future.
