The Dogecoin price maybe soon reach the highly coveted $1, a milestone that many economical meme coins strive to achieve. Taking this into account, a cryptocurrency analyst has revealed a recent technical pattern on the Dogecoin price chart called the “Declining Megaphone.” The analyst suggested that if Dogecoin may explode this clear pattern could set the stage for a significant upside towards higher target prices.

Dogecoin price is seeing a $1 breakout

Trader Tardigrade, cryptocurrency analyst at X (formerly Twitter). he noticed that Dogecoin’s daily candle just ended with a breakout in the “Descending Megaphone” pattern. Although this unique technical pattern is a sign increasing volatility especially during a downtrend, a break above the upper boundary of this chat pattern can indicate a potential move higher.

In the case of Dogecoin, if its price can cross the upper line Descending megaphone patternthis could mean the beginning of a huge rally. For greater clarity, a descending megaphone is a bullish chart pattern formed by two diverging trend lines, with the top line representing resistance and the bottom line indicating support. The pattern usually looks like a megaphone with a downward slope.

According to Trader Tardigrade, despite entering this unique chart pattern, Dogecoin’s price remained showing signs of strength and momentum on the daily chart. Looking at the daily chart of meme coin, the analyst determined that: target price of $0.2predicting that Dogecoin may rise to this level in price action within the Descending Megaphone pattern.

Trader Tardigrade said he is closely watching Dogecoin’s price performance within this recent pattern, paying particular attention to any moves towards the upper boundary of the Descending megaphone.

Responding to his bullish predictions, a member of the crypto community he noticed that the $1 price target remains a long-awaited dream Dogecoin Trader Tardigrade replied: stating that this ambitious and desirable price target is no longer Dogecoin’s dream.

Bitcoin Price Discovery to Influence DOGE Rally

Following on from his price prediction for Dogecoin, another community member suggested that Dogecoin price may miss the $1 target set by Trader Tardigrade if Bitcoin does not undergo price discovery. And simply an analyst he replied “step by step”.

The Bitcoin price discovery has been a major topic among various cryptocurrency analysts in the market lately. Notably, a crypto analyst identified as “Crypto Feras” revealed that if Bitcoin manages to break through critical price resistance levels, it could potentially return to $72,000, ultimately leading to price discovery and a massive bullish situation.

Considering that a Bitcoin bull run often precedes upward movements of other cryptocurrencies, Trader Tardigrade confirmed that the price of Dogecoin may enter a grave augment after price discovery. At the time of writing the Dogecoin price According to CoinMarketCap, it was trading at $0.164, a staggering augment of 13.72% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com