Dogecoin (DOGE) May Be on the Brink of a Major Rally, Market Analyst “CobraVanguard” Asserts

Amid macroeconomic headwinds in recent weeks, doggy-themed crypto Dogecoin (DOGE) has dropped significantly from recent highs of $0.48. But if one analyst is to be believed, the asset may be on the verge of recouping the bulk of these losses.

A market analyst known as “CobraVanguard” has suggested that Dogecoin (DOGE) might be on the verge of a significant rally.

According to the analyst's observations on a TradingView idea on Tuesday, January 14, DOGE might experience a 34% increase from its current price of around $0.35, potentially reaching $0.47.

This analysis is based on two bullish patterns that are said to be visible on the meme coin's four-hour candle chart.

The first pattern is an ascending triangle, which DOGE entered in early December 2024. This pattern is characterized by resistance at the $0.40 price point. As the asset's price continues to record higher lows, this pattern is often considered bullish.

However, within this ascending triangle chart pattern, CobraVanguard also highlights that DOGE appears to be forming a cup and handle pattern. A breakout of either of these patterns could lead to a rally to the $47 price point, according to the analyst.

This recent analysis follows data from last week that suggested an average return for DOGE traders had turned negative due to market struggles. Despite this, Santiment Feed noted at the time that the decline could present opportunities for skilled traders, especially as it anticipated a market recovery in the short to medium term.