Dogecoin (DOGE) could be gearing up for another explosive price surge, according to crypto analyst Crypto Paradise. The analyst believes DOGE is forming a bullish pattern that could push its price past the key $0.40 mark.
In a recent TradingView post, Crypto Paradise noted that DOGE is currently in a descending channel pattern. The price has also printed a bullish engulfing candle at a key support level, which is often a sign of an upcoming breakout. If DOGE follows this pattern, it could soon see a sharp price increase.
However, the analyst warns that confirmation is needed before a full rally can be expected. If a bullish I-CHoCH pattern, a W pattern, or an inverse head and shoulders appears on lower timeframes, it would strengthen the case for a breakout. But if DOGE closes a candle below its support zone, this bullish prediction could be invalidated.
Meanwhile, another crypto analyst, Master Kenobi, outlined two possible scenarios for Dogecoin’s future. The first scenario sees DOGE peaking by the end of February, mirroring last year’s pattern.
The second scenario suggests a stronger rally, where Dogecoin could surge as high as $1.25 by April or May, similar to its August price movement.
Kenobi leans toward the second scenario, predicting a 6x price increase from DOGE’s local bottom. However, he dismissed the idea of an early bear market, arguing that the crypto cycle is still in its bullish phase.
As of now, Dogecoin is trading around $0.26, up 1% in the last 24 hours, according to CoinMarketCap. Crypto traders and investors are watching closely to see if DOGE can follow through on these bullish signals and break past the $0.40 barrier.
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