Dogecoin Analyst Warns Bears as Bullish Pattern Emerges

Dogecoin (DOGE) has experienced a downturn, falling 6.7% over the past week and 20% over the last 30 days, reflecting broader market anxieties. However, TradingView analyst "Cobra Vanguard" cautions bears, suggesting a potential price surge based on a cup and handle pattern. This, combined with an AB=CD harmonic pattern, predicts a possible DOGE price increase to $0.88.

Dogecoin's recent struggles mirror wider market uncertainty. The meme-based cryptocurrency has declined from near $0.20 to around $0.16, a drop of 6.7%. This adds to a 4% decrease in the last 24 hours and a 20% decline over the past month.

Despite this bearish trend, analysts are focusing on technical indicators hinting at a potential reversal. Prominent TradingView analyst Cobra Vanguard advises caution to bearish traders, highlighting a bullish pattern in DOGE's price action.

Dogecoin's Cup and Handle Pattern Signals Potential Breakout

A significant technical pattern, the cup and handle formation (developing since mid-2021), is a key focus. This pattern often signifies long-term accumulation, frequently preceding price rallies.

Cobra Vanguard's analysis identifies the cup's bottom around $0.04 in mid-2022. After a recovery to $0.47 in December 2024, a subsequent retracement formed the "handle," now showing signs of consolidation.

The AB=CD harmonic pattern, a well-established technical analysis tool, suggests a potential price target of $0.88 for DOGE – a considerable increase from current levels. This potential breakout could surprise short-sellers, forcing them to cover positions and potentially fueling a price surge.

Further bolstering optimism, analyst Ali Martinez points to Dogecoin's long-term ascending channel, featuring three trend lines representing price movement boundaries. DOGE has historically rebounded from this channel's lower boundary, and a current test of this support could trigger a sharp reversal. Martinez's analysis, incorporating Fibonacci retracement levels, suggests a potential price as high as $7 in a strong bullish scenario.

Meanwhile, TradingView analyst ReadCrypto has identified crucial resistance levels DOGE must overcome for sustained recovery. A primary hurdle is $0.1895, previously support, now resistance after the March 9th price drop. While briefly reclaimed, DOGE hasn't consistently held above this level. share

Tags: DOGE, Dogecoin