Dogecoin price is showing a chart pattern that has historically preceded major breakouts, sparking speculation of a potential upward move for the meme coin.
A crypto analyst named 'Batman' has identified a pattern on the 4-hour chart indicating a potential bullish reversal signal for Dogecoin, with a strong support level around $0.175.
The chart suggests a staircase-like rally for Dogecoin, with a projected four-wave move leading to an initial breakout towards $0.2039 and further advancements to $0.25425.
Each rally in Dogecoin's price is anticipated to be followed by a consolidation phase before the next upward movement, maintaining the overall bullish structure.
The current chart setup closely resembles past price action in Dogecoin, where previous rapid upward moves were preceded by sideways trading, indicating a potential explosive run.
Broader market sentiment, whale accumulation, and optimism surrounding Dogecoin's integration into Elon Musk's payment platform are aligning with the bullish technical pattern, potentially fueling a breakout.
The emergence of Dogecoin exchange-traded fund (ETF) and recent whale activity are contributing to the positive narrative around Dogecoin, driving both technical and speculative momentum.