Dogecoin's Bearish Performance May Be Ending as Bullish Chart Pattern Emerges

Dogecoin's recent price action has shown promising signs of a potential major growth. Trader Tardigrade, a market expert and investor highlighted that DOGE is gaining traction as it maintains a move within a defined chart pattern

Cryptocurrency meme coin Dogecoin (CRYPTO: DOGE) might be setting itself up for a new all-time high in the coming months.

Here's what happened: A Prominent Pattern: A recent analysis by market expert and investor Trader Tardigrade highlighted an interesting chart pattern that could be setting the stage for DOGE's next move. According to the trader, the meme coin is maintaining a move within a Parallel Channel formation.

This type of pattern is often known for its strong bullish moves for DOGE, especially with increasing buying interest from investors. As seen in the monthly chart, this key pattern has historically triggered a major surge for the meme coin, leading to a new all-time high and a market top.

If the trend continues, we could be looking at a substantial surge for DOGE, which is sure to pique the interest of both retail traders and long-term investors.

In the ongoing cycle, the next move up in DOGE's price is playing out similarly to the 2017 market cycle, where the price touched the channel lines. Meanwhile, the bull market in 2021 and the bear market in 2019 surpassed the channel lines on the upside and the downside.

With the pattern pointing to a rally to a new all-time high in the coming months, Trader Tardigrade has placed the next possible target for DOGE around the $3.69 price level. Considering past scenarios, the $3.69 mark could be telling — it may turn out to be its market top for this cycle or be clear of that level.

The Next Bear Market: While DOGE is gearing up for a substantial rally to new highs, its bull run is bound to end in the upcoming months, which will lead to the beginning of its bear phase.

Market expert Chandler dove into DOGE's recent price action and pinpointed the potential timeline for the meme coin to enter its bear market phase.

Chandler also revealed his strategy to engage DOGE's price movement in the following months. The expert intends to hold his position until at least the Fibonacci time zone at 0.236, particularly till March 24.

According to Chandler, historical trends show that after a week or two of crossing the 0.236 Fibonacci level, it is the ideal time to sell DOGE and exit the market. After this level, the next Fibonacci point to watch is around 0.382. Once DOGE enters this area around October 20, the expert expects the bear market phase to begin.

At press time, DOGE was trading at $0.250, showcasing a nearly 3% decrease in the last 24 hours. However, investors seemed to be capitalizing on the recent descent as its trading volume had surged by more than 52% in the past day, indicating growing confidence in the meme coin.