Crypto analyst TradingShot has revealed that the Dogecoin price has entered a bullish pattern, which could spark a parabolic rally to $1.5. Interestingly, the analyst also raised the possibility of the foremost meme coin reaching double digits.
Dogecoin Price Eyes $1.5 With Bullish Livermore Cylinder Pattern
In a TradingView post, TradingShot revealed that the Dogecoin price is inside a Livermore’s Cylinder, which suggests that the meme coin could soon rally to as high as $1.5. The analyst noted that DOGE has been trading within a bullish megaphone for the majority of its Bull Cycle since the October 9, 2023, low.
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In line with this, TradingShot declared that this may technically have been so far one massive accumulation phase along with the rest of the altcoin market. This is where the Livermore Accumulation Cylinder comes in, as it draws comparisons with the Megaphone pattern. Based on this Livermore model, the analyst stated that the Dogecoin price is starting the aggressive breakout phase above the Cylinder.
With the accumulation technically over, TradingShot predicts that the Dogecoin price may pursue levels 8 and 9, which give price targets of $1.50 and $12, respectively. These price levels will mark new all-time highs (ATH) for DOGE, with its current ATH at around $0.73. The analyst’s accompanying chart showed that the meme coin could reach this $1.5 target between now and year-end.
Meanwhile, the Dogecoin price could reach $12 by July next year. In line with this, TradingShot admitted that the $12 target is not expected to happen in this current Bull Cycle, which he predicts would end in the next six months or thereabout. However, he added that the $1.50 target is well within reach in this cycle and exactly double the price of the previous cycle high. Therefore, the analyst declared that this target is a “very attractive top candidate.”
Bullish Engulfing Candle About To Form For DOGE
In an X post, crypto analyst Trader Tardigrade stated that the DOGE monthly candle will close in just one week and that a Bullish Engulfing Candle is likely to be established. In line with this, he declared that a big moment is coming for the Dogecoin price. His accompanying chart showed that the meme coin could reach as high as $7.5 on this run.
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In another analysis, he declared that a rally to $1 is incoming for the Dogecoin price, echoing TradingShot’s prediction. His accompanying chart showed that the foremost meme coin could reach this psychological level between now and September.
At the time of writing, the Dogecoin price is trading at around $0.22, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com