Dogecoin: A Cup and Handle Pattern Predicts Big Gains
Dogecoin (DOGE), the leading meme coin, is currently trading at $0.2200. Though 53% below its November peak, it’s 68% above its lowest point in the same month. The overall market value remains at over $32 billion.
Technical analysis on the weekly chart suggests a potential rebound. The DOGE price hit $0.7390 in 2021, driven by Elon Musk’s backing. It then fell to $0.048 in June 2022.
A cup-and-handle pattern is forming, signaling a possible price surge. This pattern has two parts: a cup with a rounded bottom and a handle,usually a pullback. For Dogecoin, the handle is a drop from $0.4522 to $0.1295.
A bullish breakout occurs if the price exceeds $0.4522. The profit target is calculated by measuring the cup’s depth and projecting it from the top. With a 92% depth, the target price is $0.8630, a 295% rise from the current level.
- Whales are accumulating the coin, as shown in this chart.
- Four DOGE ETFs are awaiting SEC approval.
- A strong Bitcoin bull run could boost Dogecoin’s price.
Thes factors could propel Dogecoin to new heights. Stay tuned for updates.
