Pintu News – Dogecoin (DOGE) Price Pattern Hints at Repeat of Previous Bullish Phase

Crypto analyst, MasterAnanda, sees the potential for a major surge in Dogecoin (DOGE) as the current consolidation could be setting the stage for a strong rally, similar to a past phase of Dogecoin (DOGE).

Dogecoin Price Pattern Hints At Repeat Of Previous Bullish Phase

MasterAnanda's analysis on the Dogecoin (DOGE) daily candlestick chart focuses on a recurring structure with three low points, marked as (1), (2), and (3). These dots fell between July and October 2024, each signaling a stage of price correction.

The third low point (3) formed higher compared to (2), suggesting the potential for a major bullish impulse that could take Dogecoin (DOGE) towards the $0.50 level.

The descending wedge pattern, formed from February to April, has broken, and although the $0.145 support zone has been tested three times in the past two months, there is a possibility that this zone could be tested again to complete the formation of a third low point before the price bounces back.

Analysts Suggest Aggressive Buy And Hold During Retracement

This analysis indicates that Dogecoin (DOGE) might retest the zone at $0.145 to complete the third low before rebounding. However, MasterAnanda's advice is not conservative. In his post on TradingView, he suggests buying aggressively and considering every short-term price drop as a rare opportunity to buy more of the asset, or keep holding if you can’t buy any more.

The last formation in 2024 resulted in a 380% surge to a multi-year peak of $0.48. If the same pattern repeats, a similar rise from $0.145 could push the price close to $0.70, which would take Dogecoin (DOGE) back to its all-time high range.

Minimum Price Expectation Above $0.4

Although MasterAnanda did not explicitly target an extreme number, he identifies a move above $0.40 as a minimal expectation based on the current setup. At the time of writing, Dogecoin (DOGE) is trading at $0.1695.

With this analysis in mind, investors might view this as an opportunity to participate in a potentially significant price increase in the near future.