Calim big BNBClaim BNB Top Analyst Says Be Careful with Dogecoin: Here’s Why

A notable TradingView analyst has warned Dogecoin holders, particularly the bears, to “be careful” as a potential bullish pattern forms.

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Dogecoin (DOGE) has seen a substantial price drop over the past week, reflecting broader market concerns. The memecoin experienced a 6.7% decline from a weekly high near $0.20 to a low approaching $0.16. 

Over a 24-hour period, the price further decreased by 4.0%, while the 30-day change stands at a more substantial 20% drop. Despite this decline, analysts are exploring potential signals for a market reversal, citing technical patterns that could point to a future price surge.

“Be Careful” with Dogecoin

Among the technical patterns drawing attention is the cup and handle formation, identified by analyst “Cobra Vanguard” on TradingView. The chart indicates a large, rounded bottom structure, which began in mid-2021 following DOGE’s peak. This rounded shape suggests long-term accumulation and a market recovery after a significant drop. 

Notably, the cup bottom was around $0.04 in mid-2022. Meanwhile, the price has since improved to touch $0.47 in December 2024 before retracing, forming the handle.

Currently, the handle is showing signs of consolidation before an uptick. Additionally, the AB=CD harmonic pattern, another crucial technical element, mirrors the previous price rise, suggesting a potential target price of $0.88.

Essentially, the analyst is urging market participants not to be overly bearish about DOGE