The Dogecoin price is on the verge of breaking the $1 mark, with a potential rally looming ahead. A crypto analyst has identified a distinct technical pattern on the Dogecoin price chart known as a “rounded bottom.” This pattern indicates a bullish trend, with the analyst forecasting a significant price surge in the near future.
The analyst, known as “CobraVanguard,” highlighted the influence of Elon Musk, CEO of SpaceX and Tesla, on Dogecoin. Musk’s support for the meme coin has been instrumental in its rise, making it the first meme coin to gain backing from the billionaire. The analyst’s price chart shows Dogecoin forming a rounded bottom pattern over a weekly timeframe, following its historical price surge to an all-time high during the previous bull run in 2021.
The chart also points to a red zone at $0.68, indicating Dogecoin’s next resistance level. CobraVanguard predicts that once Dogecoin surpasses $0.68, it could experience a massive rally above $1, reaching levels between $1.2 and $1.5. The chart references Musk’s influence, suggesting that his support could fuel Dogecoin’s surge towards the $1 target.
As of writing, Dogecoin is trading at $0.44, showing a slight 5.13% decline in the last 24 hours. The analyst advises investors and traders to prepare for a potential rally to new all-time highs as Dogecoin readies for a significant price increase.
In addition to the price surge, crypto whales are actively accumulating Dogecoin, signaling confidence in the meme coin’s upward potential. The largest Dogecoin whale has added 1.5 million DOGE tokens to their holdings, indicating a positive outlook for the cryptocurrency’s price growth.
Another analyst, known as the “Doge lord,” has shared bullish price projections for Dogecoin in the current bull market. The analyst predicts that Dogecoin will steadily rise to new highs, with key price targets at $0.69, $1, and a potential high of $4.2.
Overall, the Dogecoin price is showing signs of a potential rally towards $1, with support from influential figures like Elon Musk and increased accumulation by crypto whales. Investors and traders are advised to monitor Dogecoin’s price movements closely as it prepares for a significant price surge in the near future.
