Key Insights :
- DOGE formed an inverse head and shoulders on the 4H chart with a neckline at $0.1760.
- One analyst predicted at least $2 by the end of April & May
Dogecoin price chart has developed an inverted head and shoulders pattern over the past 4 hours. This formation suggested short-term bullish signals and potential upward momentum for memecoin.
An analyst anticipates that DOGE may reach $2 following a successful breakout. This Dogecoin price prediction highlighted the potential for significant growth in the cryptocurrency market.
Inverse Head & Shoulders Pattern Signals Potential Price Surge
Market analyst Trader Tardigrade observed an inverse head and shoulders (H&S) pattern on Dogecoin’s 4-hour chart. This pattern is often associated with potential price reversals. It suggested that Dogecoin may experience an upward trend soon.
An inverse head and shoulders pattern consists of a mid-level low depression (head) surrounded by two higher minor lows (shoulders). A successful breakout requires Dogecoin to surpass the $0.1760 price level, which serves as its neckline in this pattern formation.
Notably, Dogecoin developed its right shoulder pattern after reaching $0.1677, finishing the three-phase design. After a downward price movement, the inverse head and shoulder pattern forms, indicating future upward price action.
A successful breakout above $0.1760 could signal the start of an upward price trend for the DOGE crypto. Dogecoin price prediction suggests that this pattern will trigger a rally after a successful breakout occurs within the next few days.
Analyst Predicts at Least $2 by the End of April & May
Another analyst, CryptoElites, noted a 15% increase in Dogecoin price. Despite the bearishness, the analyst believes DOGE might hit $2 by the end of April or May.
Dogecoin price prediction suggests that reclaiming the $0.20 support level could help DOGE regain momentum. Achieving this milestone may also draw increased buying interest.
A successful break and sustained position above $0.20 could result in DOGE continuing its bullish pattern. This could further lead to higher price points.
This forecast depends on Dogecoin breaking above its neckline, followed by continuous market demand for cryptocurrency adoption. Ali Martinez has also pointed out that Dogecoin price is at a decisive moment since it is fluctuating near $0.16.
It represents essential support. A successful defense of this support level could trigger a price rally toward $0.57.
The price projection represents a significant rebound compared to Dogecoin’s current value. However, based on Martinez’s technical analysis, Dogecoin risks falling to $0.06. This could be seen if it breaks below the $0.16 support level.
DOGE Future Outlook
Meanwhile, technical indicators show a bearish outlook. The Bull Bear Power (BBP) indicator, standing at -0.00343, indicated that the short-term bearish market attitude is dominant.
Dogecoinfacesg potential lasting price pressure until market forces show a reversal that may stop the downward trend. The red area within the histogram reveals that bear dominance surpasses bull power during this phase.
Moreover, the MACD indicator supports a bearish analyst outlook based on its -0.01651 value in the histogram reading. A bearish momentum signal emerges when the blue MACD line stays below the orange signal line.
The space between chart lines demonstrates an intensifying bearish trend strength. If the MACD stays below the signal line, it could indicate further downside potential for Dogecoin.