"It exploded when the ants gave up"...Dogecoin, vertical surge to $5 signal captured

▲ Dogecoin (DOGE)/ChatGPT generated image

An analysis suggests that Dogecoin (DOGE) has completed a perfect corrective phase in technical analysis and is preparing for an unprecedented surge.

Virtual asset specialized media NewsBTC reported on April 17 (local time), citing the forecast of an analyst from High Altitude Investing, that Dogecoin could not only see a short-term price increase but also soar to $5 in the long term. The analyst diagnosed that Dogecoin's current chart formation is very similar to the appearance of Bitcoin (BTC) and XRP just before they recorded explosive rallies in the past.

High Altitude Investing analyzed that Dogecoin completed a perfect ABC correction on the daily chart. The analyst emphasized, "Waves A, B, and C are all complete," adding that the bullish divergence observed in the Moving Average Convergence Divergence (MACD) is a very strong buy signal. High Altitude Investing predicted that this combination of indicators would lead to a strong price breakout for Dogecoin within a short-term timeframe.

Positive signals were also detected on the 45-minute candlestick chart. Dogecoin consolidated within a triangular pattern and recently succeeded in breaking upwards. The analyst explained, "The bullish breakout of the triangular pattern is a signal that a significant short-term rally is about to begin," adding, "This is the point where Dogecoin truly starts to lift its head."

Analysis of the 10-day candlestick chart, a higher-dimensional timeframe, supports an even more aggressive outlook. Currently, the MACD on the 10-day chart is extremely oversold, which aligns with the bottoming out phase just before past massive rallies. High Altitude Investing assessed that Dogecoin would initially target $2 and has the potential to reach $3 to $5 in a long-term bullish phase.

Currently, investor sentiment in the virtual asset market is rapidly recovering due to news of easing tensions between the US and Iran and the opening of the Strait of Hormuz. As Bitcoin recovers the $75,000 level and warmth spreads throughout the market, investors are keenly watching whether Dogecoin will once again demonstrate its stature as the leading memecoin.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*