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▲ Dogecoin, Dollar/ChatGPT generated image
Dogecoin (DOGE) has re-entered the retest zone of the triangular convergence apex, a pattern that preceded major rallies in the past, fueling the theory of a $3 target.
According to crypto media outlet The Crypto Basic on June 15 (local time), crypto analyst Trader Tardigrade identified a recurring pattern for Dogecoin on the monthly Heikin Ashi chart. He analyzed that this structure resembles the trends observed before major breakouts in 2017 and 2020.
Dogecoin has shown a similar sequence multiple times in the past. First, a triangular convergence formed. Then, the price broke above the upper boundary. Soon after, it retested the apex area, followed by a parabolic surge.
The first structure lasted from 2014 to early 2017. Dogecoin broke out around $0.000208 in March 2017. It then rose to $0.0187 in January 2018.
The second structure formed after the 2018 peak. Dogecoin successfully broke out in July 2020. The full bull run began in November 2020. The price subsequently soared from $0.0025 to an all-time high of $0.74.
The recent trend is also unfolding with a similar structure. Dogecoin rose to $0.484 in December 2024 after breaking out in October 2024. Subsequently, a long-term correction pushed it down to the convergence point of a multi-year triangular convergence. After falling to $0.077 two weeks ago, an apex retest occurred. Tardigrade believes that if the historical pattern holds, a parabolic expansion towards $3 is possible. This represents a 3,310% increase from the current market price of $0.088. However, Dogecoin must maintain the retest support zone. In recent weeks, whales have accumulated 30 billion DOGE.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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