#AmericanBitcoinLaunch Top Analyst Warns Dogecoin Holders: A Potential Bullish Shift Ahead?
A well-known TradingView analyst has cautioned Dogecoin (DOGE) traders—especially bearish investors—to "be careful" as a potential bullish pattern emerges.
Dogecoin’s Recent Price Drop
Dogecoin has faced a significant decline over the past week, mirroring broader market concerns. The memecoin dropped 6.7% from a weekly high near $0.20 to a low approaching $0.16. In the last 24 hours, its price has fallen another 4.0%, while its 30-day performance shows a more substantial 20% decline.
Despite the downturn, analysts suggest that key technical indicators could signal a reversal, hinting at a potential price surge.
Why Analysts Say "Be Careful" with Dogecoin
One of the key patterns catching attention is the cup and handle formation, identified by TradingView analyst "Cobra Vanguard." This pattern features a large rounded bottom, which started forming after DOGE’s peak in mid-2021. The structure suggests long-term accumulation and a potential market recovery.
The cup’s bottom formed around $0.04 in mid-2022, with DOGE later surging to $0.47 in December 2024 before retracing to form the handle. Currently, the handle is in a consolidation phase, which often precedes an upward breakout.
Additionally, the AB=CD harmonic pattern, another critical technical indicator, aligns with past price trends and suggests a potential target price of $0.88. Given these signals, the analyst warns against being overly bearish, as a reversal could catch short-sellers off guard.
Ascending Channel Indicates Strong Support
Another analysis by Ali Martinez highlights that Dogecoin’s price is moving within a long-term ascending channel. This structure consists of three key trendlines—lower, mid, and upper boundaries—where DOGE has historically rebounded from the lower support.
Currently, the price is testing this lower boundary, indicating a possible upward reversal. If this support level holds, DOGE could regain momentum, with Fibonacci retracement lev$BTC #Dogecoin
