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Exciting news for Dogecoin lovers! A cup and handle pattern has popped back up on the charts, hinting at a potential recovery trend. Crypto analyst Melikatrader shared insights on TradingView, suggesting that there might be a reversal on the horizon for Dogecoin. His analysis breaks down how this formation came about and what it could mean for the price of our favorite meme coin as a new trading week kicks off in a rather gloomy market.
Get to Know the Dogecoin Macro Cup and Handle Pattern
What’s fascinating is that this macro cup and handle pattern didn’t just show up overnight. As explained by the crypto analyst, it all started back in 2021 during Dogecoin’s incredible 36,000% rally that took it to new all-time highs!
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After experiencing one of the strongest pole and flag rallies in its history, Dogecoin reached new heights, which led to this long-term cup and handle pattern. The cup has been forming since 2021, indicating that there’s been accumulating interest in Dogecoin over the long haul!
Now, the exciting part: the cup is done, and the handle is forming! According to our analyst, Dogecoin is trading within a descending handle, and this is where the bullish magic happens. Historically, a descending bullish handle can signal a price breakout to the upside!
Could DOGE Price Soar to $4?
With the handle pattern on the rise, all eyes are on the next bullish trend. If the Dogecoin price can break out of the descending handle, we could see our beloved meme coin making a spectacular comeback!
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The exciting thing about this bullish handle is that the breakout could last for several years. This multi-year expansion phase means we could see a consistent increase in the price, helping Dogecoin head back towards its $0.74 all-time highs from 2021.
But hold on, it doesn’t stop there! According to the crypto analyst, completing the cup and handle pattern suggests even higher prices could be on the table. The conservative estimate sits around $2.8, but there’s potential for a whopping 2,400% increase, pushing the price up to $4 before the trend wraps up!
Featured image from Dall.E, chart from TradingView.com
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