Market analyst “CobraVanguard” asserts that Dogecoin may be on the brink of a major rally.
Amid macroeconomic headwinds in recent weeks, doggy-themed crypto Dogecoin (DOGE) has dropped significantly from recent highs of $0.48. But if one analyst is to be believed, the asset may be on the verge of recouping the bulk of these losses.
Market analyst “CobraVanguard” has asserted that Dogecoin may be on the brink of a major rally.
In a TradingView idea published on Tuesday, January 14, the analyst contended that DOGE could be set to rally 34% from the current price of about $0.35 to $0.47.
CobraVanguard disclosed this, citing “two bullish patterns” on the meme coin’s four-hour candle chart.
The first pattern was an ascending triangle chart pattern DOGE entered in early December 2024 with resistance around the $0.40 price point. The pattern is often believed to be bullish as the asset’s price continues to record higher lows.
Meanwhile, CobraVanguard highlights that DOGE also appears to be forming a cup and handle pattern within this ascending triangle chart pattern. The analyst asserts that a breakout of either of these patterns was likely to spark a run to the $47 price point.
The recent analysis follows last week’s data suggesting that the average returns of DOGE traders had turned negative amid market struggles. At the time, however, Santiment Feed had noted that the decline could offer opportunities for savvy traders, especially as it anticipated a market recovery in the short to medium term.