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Crypto analyst Trader Tardigrade has provided an update on the Dogecoin price action. He revealed that the foremost meme coin is set to enter Phase E next, during which it could rally to new highs.
Dogecoin Price To Enter Phase E Next After Testing Last Point Of Support
In an X post, Trader Tardigrade stated that the Dogecoin price will enter Phase E and then the Mark-Up phase after the move of Sign of Strength (SOS) and Last Point of Support (LPS). This came as he also revealed that DOGE has entered Phase D in the Wyckoff Accumulation. The analyst also noted that the meme coin completed the TEST in Phase C and the Last Point of Support in Phase D.
His accompanying chart showed that the LPS in Phase D for the Dogecoin price is around $0.174, while the SOS will be a successful reclaim and hold above $0.18. This will usher DOGE into Phase E, where it is projected to rally to as high as $2.1, marking a new all-time high (ATH) for the foremost meme coin.
In another X post, Trader Tardigrade stated that the Dogecoin price could be forming an inverse Head and Shoulders pattern on the 4-hour chart, providing a bullish outlook for the foremost meme coin. His accompanying chart showed that Dogecoin could rally to $0.183 on this rebound, which is the SOS for the meme coin in this Phase D.
It is worth mentioning that crypto analyst Kingpin Crypto also provided a bullish outlook for the Dogecoin price, predicting that it could bounce from the current support and rally above the psychological $0.2 price level. The analyst asserted that DOGE’s chart is one of the best right now in terms of price, which is at a clear level of higher timeframe support.
DOGE Gearing Up For A Big Week
In an X post, crypto analyst Ali Martinez stated that the Dogecoin price is gearing up for a big week. He remarked that a close above $0.17 could open the door to $0.21 or even $0.29 if it holds the key support level at $0.13. However, the analyst recently revealed that DOGE whales are choosing to remain on the sidelines for now, which could be bearish for the meme coin.
The Dogecoin price performance will also depend on the Bitcoin price and whether the flagship crypto can sustain bullish momentum. Self-acclaimed Dogecoin lead analyst on X, Kevin Capital, opined there is no need to be overly bullish until Bitcoin surges above $89,000.
At the time of writing, the Dogecoin price is trading at around $0.16, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Shutterstock, chart from Tradingview.com
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