The Dogecoin price has successfully completed its latest retest of a crucial support level, signaling renewed potential for a significant recovery. According to crypto analyst Trader Tardigrade, it could be Dogecoin on the way to new all-time highsas historical chart patterns suggest a parabolic rise could be on the horizon.
Dogecoin price is completing the latest retest of support
In an X (formerly Twitter) postexplained trader Tardigrade that Dogecoin has completed its latest retest of the critical support level at $0.31. The analyst presented a chart with predictions Dogecoin’s next big rally and price history based on recurring historical trends.
This diagram for illustration The price development of Dogecoin From 2014 to the present, periods of consolidation, breakout and parabolic growth are highlighted. In previous market cycles, Dogecoin has exhibited similar price movements and market behavior. Each cycle is characterized by a longer sideways movementfollowed by a breakout of key resistance and a final retest of that resistance as new support.
In 2017, Dogecoin experienced its first definitive retest of support around the $0.00095 level before a significant recovery that pushed the price to $0.02. A similar pattern emerged early on 2021 during the previous bull runwhere Dogecoin completed its latest retest and rose to an all-time high above $0.7.
Trader Tardigrade noted that Dogecoin is repeating this historical trend pattern again in its current cycle. The recent completion of the last retest of support confirms his prediction and potentially marks the beginning of the next one potential parabolic rally.
Based on recurring historical price action, the analyst predicts that Dogecoin could reach a new all-time high of $4.5. This massive increase would represent a staggering 1,306% increase over the current market price.
Dogecoin is breaking the symmetrical triangle pattern
In a newer one X contributionTrader Tardigrade identified the appearance of one Symmetrical triangle on the Dogecoin chart. Dogecoin price is currently moving within this triangle, suggesting that the meme coin could undergo a period of consolidation before a possible breakout.
The analyst revealed that the Symmetrical Triangle acts as a “solid base” for Dogecoin and represents a key consolidation zone. The pink arrow on the chart indicates a bullish breakout Dogecoin’s next price target.
Trader Tardigrade has predicted that Dogecoin could Breakout from the upper trend line of the symmetrical triangle, potentially leading to its upward momentum. The analyst has marked the upper trendline at $0.32, which coincides with Dogecoin’s current market value.
Last month Dogecoin crashed 25%, increasing the price from over $0.4 to $0.32. Despite easing market volatility, the popular meme coin is in an extended downturn and consolidation phase. Nevertheless, trader Tardigrade has predicted that Dogecoin could rise to $0.355 once this predicted breakout of the symmetrical triangle occurs.
Featured image created with Dall.E, chart from Tradingview.com