- Trader Tardigrade spots rising trendline pattern on Dogecoin chart.
- DOGE trades at $0.2454 after multiple resistance tests near $0.27 level.
- Pattern mirrors late September setup that preceded rally to $0.26 highs.
Cryptocurrency analyst Trader Tardigrade has identified a technical chart pattern suggesting Dogecoin could target $0.29 in the near term. The pattern appears as DOGE faces short-term price weakness following recent resistance tests.
Dogecoin opened the week around $0.27 but has declined to current levels near $0.2454. The meme coin has dropped 7.3% over the past 24 hours, though it maintains a 6.2% gain across the previous seven days.
The rising trendline pattern indicates Dogecoin continues forming higher lows while gradually advancing over time. This technical structure began developing around October 4 after the price retreated from $0.26 resistance.
Multiple resistance tests show buyer interest
Bulls attempted to push through the $0.26 resistance level but faced selling pressure that drove DOGE back to trendline support near $0.25. A second breakout attempt occurred on October 6, with buyers briefly pushing above $0.27 before another retracement to the support line.
The analyst noted a similar pattern formation in late September. That setup began materializing on September 26 when Dogecoin traded around $0.22. The first resistance test reached $0.234 before pulling back to $0.225 support by September 28.
A second attempt on September 29 also faced rejection just above $0.235. Despite these failed breakout attempts, the price maintained support above the rising trendline, indicating sustained buying interest at lower levels.
Following the trendline holds in late September, Dogecoin rallied from $0.22 on September 30 to reach $0.26 by October 3. This price action established the precedent for the current pattern analysis.
Based on the historical behavior of this technical setup, Trader Tardigrade believes Dogecoin could break resistance and advance toward $0.29. From current prices at $0.2454, this target would require an 18.2% increase.
Longer-term bullish projections surface
Analyst Kaleo shared separate bullish outlook on October 6, projecting Dogecoin could eventually reach $6.90. This price level would give DOGE a $1 trillion market capitalization.
Kaleo’s analysis referenced the previous cycle when Dogecoin reached nearly $100 billion in market cap while Bitcoin surpassed $1.2 trillion. This placed DOGE’s valuation at approximately 8.33% of Bitcoin’s market cap.
If Bitcoin achieves a $12.5 trillion market cap during the current cycle, Kaleo argues that a $1 trillion valuation for Dogecoin becomes feasible. The analyst cited emerging signs of a memecoin supercycle supporting this extended price target.
Source: https://thenewscrypto.com/dogecoin-technical-pattern-points-to-potential-0-29-target-price/