Dogecoin Forms Explosive Cup And Handle Pattern With $4 Target
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Dogecoin (Doge) may be to form cups on weekly charts and process strata. Crypto Analyst David (@david_dogecoin) suggestion If confirmed, Dogecoin could target an ambitious $4 target.
Dog cup and handle pattern
The first phase of this pattern, the cup begins to take shape, when Dogecoin initially dropped from its height in May 2021 to $0.74. This downward movement leads to an extended merger period, and the assets gradually form a circle bottom In the range of $0.05–$0.06. The curvature of price action indicates a slow but steady shift in market sentiment, in which case sales pressure is gradually absorbed by buyers accumulated by lower levels of buyers.
Over time, Dogecoin began to recover from this bottom, returning to its December 2024 high at $0.48. Gradually and steadily restored to bullish high signals The momentum has been buildingmarket participants are becoming more and more interested.
Related Readings
After reaching the resistance level of $0.48, Dogecoin faced a rejection, resulting in a moderate callback. This drop forms the handle, which is a smaller downward back trial, usually before the final breakout. The handles in this setting form the price zone of $0.14-$0.17, and the market is currently being merged.
The handle is the final stage of weaker hands exiting, while the more powerful buying interest collects decisive movements before the power is higher. If Dogecoin successfully deviates from cup and handle modes, the estimated target target can be estimated using measured movement techniques. This involves calculating the depth of the cup and adding that value to the breakout point. Based on this approach, the expected target is about $4, according to the chart shared by analyst Kevin.
Criticism: Why this is not a classic cup and handle
Textbook cups and handles require specific structural features, including circular bottoms and shallow handles, formed near previous historical highs or key resistance zones before breaking through. However, there are critical biases in this analysis that make it doubt its effectiveness.
Related Readings
The drop from $0.74 (2021 ATH) to 0.05 – $0.06 was so deep that it was extended that it was considered appropriate for the Cup. Classic cup patterns usually form within weeks to months rather than prolonged downward trends over the years.
Recycling from $0.05–$0.06 to $0.48 is asymmetric with the initial drop, which makes the “round bottom” aspect of the cup questionable. Instead, price action is similar to a period of accumulation over many years, rather than a continuous circular structure.
Furthermore, the handle forms too deep in the structure. The valid handle should be developed near the rim (i.e. close to $0.48), but in this case Dogecoin has been falling back to $0.14-$0.17, which is a A large decline More than 65% of the cup rebounds. A healthy handle should not reduce the 50% of the cup depth to below 50%, but here it retrieves it almost a third of the structure, thus invalidating the classic pattern.
At press time, Doge traded at $0.17.
Featured Images created with dall.e, Charts for TradingView.com
