Dogecoin, the popular meme cryptocurrency, is currently showing signs of a bullish pattern that could lead to a significant price increase. According to crypto analyst TradingShot, Dogecoin has entered a Livermore Cylinder pattern, indicating a potential rally to $1.5. The analyst also raised the possibility of Dogecoin reaching double digits in the near future.
TradingShot’s analysis suggests that Dogecoin has been trading within a bullish megaphone pattern since its low on October 9, 2023. The Livermore Accumulation Cylinder, a technical indicator, points towards a breakout phase for Dogecoin, with price targets of $1.50 and $12. These levels would represent new all-time highs for Dogecoin, surpassing its current ATH of $0.73. The analyst’s chart indicates that Dogecoin could reach $1.50 by the end of the year and $12 by July of next year.
Another crypto analyst, Trader Tardigrade, also predicts a bullish scenario for Dogecoin. He suggests that a Bullish Engulfing Candle is about to form for Dogecoin, potentially leading to a price increase to $7.5. Additionally, Trader Tardigrade foresees a rally to $1 for Dogecoin in the coming months, aligning with TradingShot’s predictions.
At the time of writing, Dogecoin is trading at around $0.22, showing a slight increase in the last 24 hours. Both analysts’ analyses point towards a positive outlook for Dogecoin, with the potential for significant price growth in the near future.
Overall, the bullish patterns identified by TradingShot and Trader Tardigrade suggest that Dogecoin could experience a substantial price increase, potentially reaching new all-time highs in the coming months. Investors and traders may want to keep a close eye on Dogecoin as it continues its upward trajectory.