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Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next?

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Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? - NewsBTC

Quick Summary:

Dogecoin Price Eyes $1 Breakout Trader Tardigrade, a crypto analyst on X (formerly Twitter) has pointed out that the Dogecoin daily candle has just closed with a breakout into a "Descending Megaphone pattern.” While this unique technical pattern is a sign of increasing volatility especially during a downtrend, a break above the upper boundary of this chat pattern could indicate a potential upward move.  Related Reading: Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent In the case of Dogecoin, if its price can move beyond the upper line of the Descending Megaphone pattern, it could signal the start of a huge rally.

Looking at the meme coin’s daily chart, the analyst has set a price target of $0.2, predicting that Dogecoin could rise to this level as part of its price action within the Descending Megaphone pattern.  Trader Tardigrade has shared that he is closely observing how the Dogecoin price behaves within this new pattern formation, paying particular attention to any movement towards the upper boundary of the Descending megaphone.  Responding to his bullish predictions, a crypto community member remarked that a $1 price target remains a highly anticipated dream for Dogecoin Trader Tardigrade replied, asserting that this ambitious and coveted price target is no longer a dream for Dogecoin.

Notably, a crypto analyst identified as Crypto Feras’ disclosed that if Bitcoin can break through critical price resistance levels, it could potentially revisit the $72,000, ultimately leading to a price discovery and an immense bullish situation.  Considering that a Bitcoin bull run often precedes bullish movements for other cryptocurrencies, Trader Tardigrade has affirmed that after a price discovery, the Dogecoin price could enter a major rally.


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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 19:30:09 (1 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 479 words

Reading Time: 3 minutes read

Sentences: 60 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23331800

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Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 5 posts per day

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News Last Updated: 9 hours ago

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