Crypto analyst Trader Tardigrade has predicted that Dogecoin could rally 3,000% to a new all-time high (ATH) of $4. The analyst highlighted a bullish setup, indicating that the leading meme coin has formed a base that could spark a parabolic rally to the upside.
Dogecoin Eyes Rally To $4 With This Bullish Setup
In an X post, Trader Tardigrade stated that Dogecoin’s launch pad is set and that the setup before a massive surge is in place. His accompanying chart showed that DOGE could reach $4, seeing as this launchpad has formed. Such a move could mirror the 2017 bull cycle, where the meme coin surged from $0.000170 to $0.005.
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Trader Tardigrade stated that a breakout move toward the “moon” looks next, especially with momentum building, and that a surge in volume could ignite the next leg higher. In another X post, the analyst said that Dogecoin has flashed bullish divergence twice. He added that the price kept printing lower lows, but the indicators refused to follow.
He explained that this is a sign that selling pressure is fading and that a shift from a downtrend to an uptrend could be on the horizon. The analyst reiterated this bullish outlook in another analysis, stating that Dogecoin is showing “strong signs” that the downtrend is losing momentum. Trader Tardigrade revealed that an inverse head and shoulders has formed on the lower timeframe (LTF).
Now, price is pushing toward the neckline. Trader Tardigrade said that a clean breakout and hold above the neckline would confirm a short-term relief rally. If this happens, the analyst stated that a multi-timeframe trend reversal could occur soon, which would be bullish for Dogecoin. He indicated that DOGE’s first focus would be to reclaim the psychological $0.10 level.
DOGE Still Trading With Multi-Cycle Structure
Crypto analyst Bitcoinsensus stated that Dogecoin continues to trade within a large multi-cycle structure, with the chart highlighting similarities between the current setup and prior macro consolidations. The analyst added that the broader formation keeps cycle 3 in focus, while the market watches to see whether this phase develops like in the earlier bull cycles.
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However, in the short term, the analyst predicts Dogecoin could see another move lower. Bitcoinsensus stated that a DOGE head-and-shoulders breakdown was in play. The analyst noted that the chart also points to a lower support zone as the measured move area. This keeps the region in focus while the DOGE price remains weak, trading below its former structure. The accompanying chart showed that the meme coin could fall to $0.05 on this breakdown.
At the time of writing, the Dogecoin price is trading at around $0.095, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com