Dogecoin's value might soon approach the desired $1 mark if it can break out from the "Descending Megaphone" pattern. A crypto analyst has identified this pattern in Dogecoin's price chart, suggesting a possible rally if Dogecoin surpasses this pattern's upper boundary.
Crypto analyst Trader Tardigrade noted the "Descending Megaphone" as a sign of growing volatility during downtrends. He asserts that if Dogecoin's price breaks above this pattern's upper line, it could trigger significant upward movement.
The "Descending Megaphone" consists of diverging trend lines, symbolizing support and resistance. Currently, Dogecoin's daily chart shows momentum, with a $0.2 target within the pattern. This movement could eventually lead to a breakout to $1.
Some community members argued that Dogecoin won't reach $1 without Bitcoin entering price discovery. Trader Tardigrade suggests a gradual approach, as Bitcoin's potential bull run could lead to significant price increases for Dogecoin.
Bitcoin's ability to break key resistance levels could push its price up to $72,000, contributing to a positive market environment. Dogecoin's current price is $0.164, with a 13.72% increase over 24 hours, reflecting healthy growth amidst bullish patterns.
