Key Takeaways:
- Dogecoin may surge towards $1.2 to $3.4, with the upcoming phase showing bullish potential.
- Technical patterns indicate a “Mark Up” phase, signaling strong price action ahead.
- Dogecoin is primed for further upward movement, with a possible “Blow-Off Top.”
Dogecoin had seen some serious price action of late, with some traders arguing the cryptocurrency was likely to see even greater increases. At the very least, according to cryptocurrency traders, there is a good chance of DOGE surging to reach a price value as high as $1.2, while going up all the way to $3.4 in an ultra-optimistic scenario.
Historical price action tends to indicate that the next big rally for DOGE could fall in line with the Bitcoin halving cycle, which has always fueled explosive growth for altcoins like DOGE. If history repeats itself, the coming weeks might just see a price surge that catches many by surprise.
Bullish Broadening Wedge in Dogecoin
Recently, Trader Tardigrade pointed out one such key chart pattern that could lead to further price appreciation. Price action by Dogecoin has traced out a Broadening Wedge, which is a well-known bullish chart pattern in technical analysis.
This pattern has often preceded a spiking to new highs, placing DOGE as one of the coins to watch in the short term. Tardigrade explained using the Wyckoff market cycle that Dogecoin was currently in the “Mark Up” phase, which is an important phase when prices are supposed to go up a lot.
“Mark Up” Phase Could Trigger Explosive Growth
Trader Tardigrade has also related his DOGE analysis to Wyckoff market cycle, a four-stage cycle of Accumulation, Mark Up, Distribution, and Mark Down. According to the explanation given by the theory, DOGE has entered the “Mark Up” phase now, which relates to the rapid appreciation of prices once the assets are taken up.
Tardigrade explained that now the “Jump The Creek” structure is forming, together with a breakout and retest pattern for strength in the market. This structure usually comes before bigger price movements, and given DOGE already completed the first wave of the “Mark Up” phase, more price appreciation may be near.
The next few weeks may indeed prove to be the point for DOGE, which can go through its “Blow-Off Top”-a general pattern seen very much at the rally peaks. Continued upside could unlock extremely strong gains for DOGE holders.
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