The Dogecoin price looks set to witness a significant explosion to the upside based on a recent analysis by crypto analyst Trader Tardigrade. The analyst revealed a bullish pattern that could send Dogecoin to as high as $5.
Dogecoin Price Set To Explode To As High As $5
In an X post, Trader Tardigrade predicted that the Dogecoin price could explode to as high as $5. This came as he noted that Dogecoin is set to finish the final stage of its bull run. The crypto analyst added that the Chande Momentum Oscillator (ChandeMO) indicates that DOGE still has a long way to go before reaching the top in this cycle.
The crypto analyst’s accompanying chart showed that the Dogecoin price could rally to as high as $5 based on this ChandeMO indicator. There was also the possibility of the foremost meme coin even rallying further to $9 in this market cycle. Trader Tardigrade has continued to provide a bullish outlook for the meme coin in his analyses, suggesting that DOGE could indeed witness a parabolic rally.
Before now, the crypto analyst mentioned that the Dogecoin price is aligning with the 50 Arnaud Legoux Moving Average (ALMA). He further remarked that this pattern is perfectly synchronized with the last cycle from 2018 to 2020. Based on this development, he added that DOGE is in the midst of a surge.
The crypto analyst had also previously predicted that the Dogecoin price could reach double digits in this market cycle. According to him, if the meme coin mirrors the 2021 bull cycle, it could rally to as high as $30. Meanwhile, he predicted that DOGE could rally to $8.7 if it mirrors the 2017 bull run.
DOGE Closes Above The Macro .786 Fib
In an X post, crypto analyst Kevin Capital revealed that the Dogecoin price has officially closed a daily candle above the macro .786 Fibonacci level. In line with this, the crypto analyst remarked that the goal now is to see a follow-through to the upside. He added that is this happens, then the previous highs at the macro golden pocket around $0.48 is next.
The crypto analyst previously revealed that the Dogecoin price closed a daily candle outside of a falling wedge pattern and mentioned that $0.41 was the next important price level. With Dogecoin reaching this level, the $0.48 target is the next level to keep an eye on, as the crypto analyst suggested.
In an X post, crypto analyst Titan of Crypto stated that the Dogecoin price is aiming for $0.66. He remarked that DOGE would take off after breaking out of the symmetrical triangle. The crypto analyst added that bullish momentum is building.
At the time of writing, the Dogecoin price is trading at around $0.4, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
