Cryptocurrency analyst Trader Tardigrade predicted that Dogecoin could gain 3,000% in the fresh market highest level ever (ATH) from $4. The analyst highlighted the bullish setup, pointing out that the leading meme coin has formed a base that could trigger a parabolic upside rally.

Dogecoin Eyes surges to $4 with this bullish setup

In Post XTrader Tardigrade stated that the Dogecoin launch pad is ready and that preparations are in place for a massive surge. The attached chart showed that DOGE could reach $4 given the formation of this launcher. Such a move could mirror the situation in 2017 bull cyclewhere the meme coin increased from $0.000170 to $0.005.

Trader Tardigrade stated that there will be a breakout towards the moon in the future, especially as momentum builds, and that a surge in volume could usher in another leg higher. In another Post Xthe analyst said Dogecoin had a flash bullish divergence twice. He added that the price is holding at lower lows but the indicators are not following it.

He explained that this is a sign that selling pressure is easing and that a shift from a downtrend to an uptrend may be on the horizon. The analyst maintained this bullish outlook in 2017 another analysisstating that Dogecoin is showing “strong signs” that the downtrend is losing momentum. Trader Tardigrade revealed that an inverse head and shoulders formation has formed on the lower time frame (LTF).

Now the price is moving towards the neckline. Trader Tardigrade said a neat break and holding above the neckline would confirm a short-term relief rally. If this happens, the analyst said it will happen over multiple time frames trend reversal could happen soon, which would be beneficial for Dogecoin. He indicated that DOGE’s first goal will be to regain the psychological level of $0.10.

DOGE continues to trade with a multi-cyclical structure

Cryptocurrency analyst stated Bitcoinsensus that Dogecoin continues to trade within a huge multi-cycle structure, with the chart highlighting similarities between the current setup and the previous setup macro consolidations. The analyst added that the broader pattern is focusing attention on Cycle 3, while the market watches whether this phase will develop similarly to previous bull cycles.

However, in the compact term, the analyst predicts that Dogecoin may see another downward move. Bitcoinsensus stated that DOGE head and shoulders there was a breakdown involved. The analyst noted that the chart also shows the lower support zone as a measured movement area. This puts the region in the spotlight while DOGE’s price remains faint, trading below its previous structure. The attached chart showed that after this split, the meme coin could drop to $0.05.

At the time of writing, Dogecoin is trading at around $0.095, up over 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image from pngtree, chart from Tradingview.com