- Saucer pattern indicates bullish Dogecoin move.
- Analyst “Trader Tardigrade” notes pattern since 2023.
- No comments from Dogecoin founders or developers yet.
The weekly chart of Dogecoin presents a saucer bottom pattern, suggesting an 84% price rise. Analysts, including “Trader Tardigrade,” are discussing this potential breakout, highlighting a recurring price cycle pattern since December 2024.
This pattern is crucial as it suggests a potential significant price increase for Dogecoin, with market observers keenly awaiting its breakout above $0.23 resistance.
Dogecoin’s Bullish Prospect
The saucer bottom formation in Dogecoin’s market chart is a widely recognized bullish reversal indicator. Historically seen in early 2021 and late 2023, such patterns have led to substantial price hikes. Dogecoin’s developers, including co-founder Billy Markus, are not actively commenting on this pattern currently. Whale accumulations in Dogecoin are at an all-time high of approximately 24.98 billion DOGE, indicating strong interest from large holders. Analysts have noted the Money Flow Index (MFI) is above 50, suggesting strong accumulation.
Dogecoin has completed 2 price cycles since late 2023. If this cyclical behavior continues, Dogecoin could be gearing up for a comparable bullish leg in June and July, which would eventually cause it to break into new all-time highs.
Dogecoin holds potential for significant price movement as past cycles have led to price surges from $0.08 to $0.48. These past movements were marked by three-month rallies following five-month pullbacks. As the accumulations are rising, anticipation also grows around a possible breakout. While there are no regulatory updates from bodies such as the SEC and CFTC, industry experts forecast substantial activity around this price pattern.
Analysts believe that a successful breakout above $0.23 could lead to considerable financial gains. However, they caution that market response and on-chain metrics must align for this outlook to materialize.
