Dogecoin Rally? Phase E Target in Sight After Support Hold
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Crypto analyst Trader Tardigrade recently shared his insights on Dogecoin’s price movements. According to his analysis, the popular meme coin appears poised to enter “Phase E,” a stage that could potentially propel it to exciting new peaks.
Dogecoin Price Forecasted to Enter Phase E, Hinting at Potential Rally After Support Test
In a recent post on X, Trader Tardigrade explained his view that Dogecoin’s price is gearing up to transition into Phase E, and subsequently, the Mark-Up phase. This anticipated shift follows what he identifies as a “Sign of Strength (SOS)” and a successful test of the “Last Point of Support (LPS).” He also pointed out that DOGE has already progressed into Phase D within the context of Wyckoff Accumulation. The analyst further noted that Dogecoin has already completed the “TEST” in Phase C and the “Last Point of Support” in Phase D, suggesting a solid foundation for future gains.
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Trader Tardigrade’s accompanying chart indicates that Dogecoin’s “Last Point of Support” in Phase D sits around $0.174. He suggests that a clear “Sign of Strength” will be confirmed by a successful reclaim and sustained hold above $0.18. Should this occur, DOGE would then enter Phase E, where projections point towards a significant rally, potentially reaching as high as $2.1. This surge would mark a brand new all-time high (ATH) for the leading meme cryptocurrency.
In another X post, Trader Tardigrade also mentioned the possibility of Dogecoin forming an inverse Head and Shoulders pattern on the 4-hour chart. This technical formation further bolsters the bullish outlook for the meme coin. His chart analysis suggests that this pattern could propel Dogecoin to around $0.183 on a rebound, which aligns with the “Sign of Strength” level identified for Phase D.
Notably, Kingpin Crypto, another respected crypto analyst, echoes this positive sentiment for Dogecoin. Kingpin Crypto predicts a bounce from the current support level, anticipating a rally that could push DOGE beyond the psychological barrier of $0.2. He emphasized that Dogecoin’s chart currently looks particularly promising, highlighting strong price action at a significant higher timeframe support level.
DOGE Potentially Primed for a Significant Week Ahead
Adding to the optimistic chorus, crypto analyst Ali Martinez has indicated that Dogecoin might be setting up for a big week. He stated that if DOGE can achieve a daily close above $0.17, it could pave the way for a move towards $0.21, or even $0.29, provided it maintains strong support at the $0.13 level. However, it’s worth noting that Martinez recently pointed out that DOGE whales are currently choosing to remain on the sidelines, a factor that could introduce some bearish pressure on the meme coin.
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Ultimately, Dogecoin’s price trajectory will also hinge on Bitcoin’s performance and its ability to maintain its bullish momentum. Kevin Capital, a prominent Dogecoin analyst on X who self-identifies as a lead analyst for the meme coin, suggests that a truly bullish stance might be premature until Bitcoin breaks through the $89,000 mark.
As of writing, Dogecoin is currently trading around $0.16, reflecting a decrease of over 3% in the past 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock, chart from Tradingview.com
