Dogecoin (DOGE) Prepares for Parabolic Upsurge as Technicals Flip Bullish

After a long stretch of muted price movement, the original meme coin Dogecoin (DOGE) has finally entered a position where it could prepare for a parabolic upsurge.

Dogecoin (CRYPTO: DOGE) is finally gearing up for a parabolic upsurge after a prolonged period of muted price action. A pseudonymous technical analyst is eyeing a potential 50% gain for the original meme coin.

Trader Tardigrade, a pseudonymous technical analyst, shared a post on X, highlighting Dogecoin’s presence within a falling wedge pattern. This structure is typically characterized by an asset’s price fluctuating within the parameters of two converging descending trendlines.

According to the analyst, this setup is usually bullish and resolves when the price pushes past its upper trendline and surges to a length that equates to the maximum distance between its upper and lower trendline.

Trader Tardigrade observed that Dogecoin is exhibiting early signs of breaking out of the falling wedge pattern, indicating a strong bullish rebound. While the breakout is yet to be fully confirmed, hopes are high for a major recovery, given that the crypto’s price is hovering around the upper trendline.

The pundit also noted that Dogecoin has historically rallied following a breakout from a falling wedge pattern, and there is no reason why this time will be any different. The doggy-themed crypto is currently trading at $0.1194, still down 83.7% from its May 2021 high of $0.07316. However, this could swiftly change if the breakout from the declining wedge pattern is confirmed.

This pattern is almost identical to the last two cycles, and Trader Tardigrade is eyeing a northward march toward the ambitious $1.6 mark, which would indicate a roughly 1,200% rise from its current price.

Meanwhile, Dogecoin whales are also showing signs of aggressive accumulation.

According to a recent report by ZyCrypto, some DOGE whales purchased a whopping 1.4 billion coins within a brief 48-hour window, valued at $140 million at the time. This trend underscores the soaring bullish sentiment among whales in anticipation of a major upswing.

Due to the large amount of market-moving capital involved, whales can greatly influence a crypto’s price action. Traders often observe whale buying/selling patterns for cues on a cryptocurrency’s short-term price trajectory.

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