Dogecoin’s price action is forming a parabolic curve pattern, hinting at an exponential uptrend rally.
Dogecoin is catching the market’s attention as analysts spot a historical pattern that precedes the meme-coin’s bull rally and exponential gains. Following a price consolidation for months, DOGE is forming a parabolic technical pattern on the charts once again.
DOGE’s parabolic pattern formation includes a gradual accumulation phase with higher lows, from base 1 to base 4. As time progresses, the parabolic curve becomes steeper, alluding to the previous cycle. As of today, DOGE appears to consolidate between base 3 and base 4.
Source: X
According to analyst CryptosRus on X(formerly Twitter):
“Dogecoin price has surpassed the third stage in a parabolic curve, a shape often seen before prices spike sharply”
What’s next for DOGE?
As the meme-coin enters base 4, the market has seen signs of a breakout that could spark its bullish momentum. As of press time, DOGE’s open interest has surged 0.64% per Coinglass data despite a low trading volume in the past 24 hours. Similarly, the past week has seen Dogecoin’s Open interest (OI)- Weighted Funding Rate flip to the positive side amid this historical set-tup.
Dogecoin’s Price is steadly recovering indicating that buyers could be entering positions as the memecoin faces renewed market interest. With the price flactuating around $0.1923 and having breached the $0.187 resistance, DOGE is yearning for a liquidity grab to begin its rally. With strong buying pressure, the memcoin could be targeting pyschological $1 in the next few weeks.
<p>The post Dogecoin Eyes a Parabolic Rally-Is $1 the Next Target? first appeared on Coin Crypto Newz.</p>
