The Dogecoin price has successfully completed its final retest of a crucial support level, signaling renewed potential for a significant rebound. According to crypto analyst Trader Tardigrade, Dogecoin could be headed to new all-time highs, as historical chart patterns suggest a parabolic surge might be on the horizon.
Dogecoin Price Concludes Final Support Retest
In an X (formerly Twitter) post, Trader Tardigrade declared that Dogecoin had completed its final retest of the critical support level at $0.31. The analyst presented a chart predicting Dogecoin’s next major rally and price trajectory based on recurrent historical trends.
This chart, illustrating Dogecoin’s price action from 2014 to the present, highlights periods of consolidation, breakout, and parabolic growth. During previous market cycles, Dogecoin has exhibited similar price movements and market behavior. Each cycle is characterized by a prolonged period of sideways movement, followed by a breakout of key resistance and a final retest of this resistance as the new support.
In 2017, Dogecoin experienced its first final support retest around the $0.00095 mark before witnessing a significant rally, pushing its price to $0.02. A similar pattern also emerged in early 2021 during the previous bull run, where Dogecoin completed its final retest and surged to an all-time high above $0.7.
Trader Tardigrade observed that Dogecoin is repeating this historical trend pattern again in its current cycle. The recent conclusion of its final support retest supports his prediction and potentially marks the beginning of its next potential parabolic rally.
Based on the recurrent historical price action, the analyst predicts that Dogecoin could reach a new all-time high of $4.5. This massive surge would represent a staggering 1,306% increase from its current market price.
Dogecoin To Breakout Of Symmetrical Triangle Pattern
In a more recent X post, Trader Tardigrade identified the appearance of a Symmetrical Triangle on the Dogecoin chart. The Dogecoin price is currently trading within this triangle, indicating that the meme coin could undergo a period of consolidation before a potential breakout.
The analyst has disclosed that the Symmetrical Triangle acts as a “solid base” for Dogecoin, representing a key consolidation zone. The pink arrow in the charts suggests a bullish breakout to Dogecoin’s next price target.
Trader Tardigrade has predicted that Dogecoin could break out of the upper trendline of the Symmetrical Triangle, potentially leading to its upward momentum. The analyst has marked the upper trendline at $0.32, coinciding with Dogecoin’s current market value.
Over the past month, Dogecoin has crashed 25%, pushing its price from above $0.4 to $0.32. Despite waning market volatility, the popular meme coin has been in a prolonged downturn and consolidation phase. Nevertheless, Trader Tardigrade has forecasted that Dogecoin could rally to $0.355 once this projected Symmetrical Triangle breakout occurs.
Featured image created with Dall.E, chart from Tradingview.com
