An analyst on TradingView presented a technical outlook that contrasts with prevailing market sentiment, suggesting that Dogecoin (DOGE) is still forming the cup phase of a cup and handle pattern.

This technical analysis suggests that Dogecoin is still in the process of forming the cup structure of a cup and handle pattern, a chart formation that typically bodes well for bullish price trends.

However, many analysts believe that Dogecoin already completed the cup structure, broke out of the neckline resistance late last year, and is now in the handle phase.

But according to this alternative perspective, presented on the analyst's TradingView chart, the cup phase is still ongoing, with no handle formation yet confirmed, and that the accumulation is still unfolding.

The analysis shows that the cup and handle pattern has been developing for nearly four years, with price rounding off a wide base that stretches back to its previous all-time high.

It is also clear that the price is holding above key exponential moving averages, which supports the idea that buyers are gradually building positions during this drawn-out bottoming process.

The Fib resistance zone is also seen as part of the cup formation, which is different from the majority view.

From this perspective, the breakout has not occurred yet, and any move toward $0.4 would be part of a continued upward grind into the neckline.

This puts the focus not on handle formation or retest of breakout point, but on the development of a complete cup structure that could eventually set the stage for a classic handle and breakout rally.

Many analysts have written off Dogecoin’s recent pullback as part of a handle retest following a breakout, but this technical setup implies that the price is still climbing toward a breakout point that is yet to be reached.

If the pattern plays out as described, Dogecoin could see short-term gains before pausing for consolidation at higher levels.

The post Analyst Claims Dogecoin Still In Cup Phase Of Chart Pattern - Here's What It Could Mean For Price Recovery from $0.2 to $0.4 appeared first on CryptoShot.

The post Analyst Claims Dogecoin Still In Cup Phase Of Chart Pattern - Here's What It Could Mean For Price Recovery from $0.2 to $0.4 appeared first on CryptoShot.