Dogecoin (DOGE) has shown significant price fluctuations over the past 24 hours, attracting the interest of traders and analysts.
Current Price Fluctuations of Dogecoin
Over the last 24 hours, the price of Dogecoin (DOGE) decreased from about $0.22 to $0.21, indicating selling pressure in the market. Currently, the price stands at $0.2116, reflecting a 4.17% decrease over the past day and a 3.69% decline over the last week.
Trader Tardigrade's Analysis
Trader Tardigrade notes that after a downtrend from April to July 2024, DOGE began to show signs of recovery. His analysis reveals that the price oscillated around a key support level before beginning a slow upward move. Tardigrade also pointed out two key moments in July and September 2024 when the price bounced off the yellow trendline, providing traders an opportunity to enter at ideal prices. Thus, DOGE is potentially preparing for a significant market move.
Growth Prospects via Cup and Handle Pattern
Tardigrade highlights the Cup and Handle pattern in DOGE's price chart over the last two years. This pattern indicates an accumulation phase before a major price surge once the resistance is broken. The first target derived from the handle portion is set at $0.82, while a more ambitious target is $2.18, should the price break through the $0.30 resistance and maintain upward momentum.
In conclusion, the current price fluctuations of Dogecoin and its growth prospects, as analyzed by Trader Tardigrade, highlight the importance of monitoring resistance levels and the potential for further advancements.
