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DOGECOIN (DOGE) potentially forms cups and manages training on the weekly graphic. Crypto analyst David (@david_dogecoin) suggest This, if confirmed, Dogecoin could target an ambitious price target of $ 4.
Dogine cup and handle pattern
The first step in this model, the cut, began to take shape when Dogecoin initially decreased from its highest from May 2021 to $ 0.74. This downward movement led to a prolonged consolidation period, where the asset has gradually formed a down In the range from $ 0.05 to $ 0.06. The curvature of the price action suggests a slow but regular change in the feeling of the market, where the sales pressure has been gradually absorbed by buyers accumulating Doge at lower levels.
Over time, Dogecoin began to recover from this background, pushing its December 2024 summit to $ 0.48. The progressive and regular rise to these high signals The momentum was builtWith growing interest on the part of market players.
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After reaching the level of resistance of $ 0.48, Dadecoin was faced with a rejection, leading to a moderate withdrawal. This drop formed the handle, a smaller downward retrace that generally precedes the final break. The handle of this configuration is formed around the price zone from 0.14 to 0.17 $, where the market is currently consolidating.
The handle serves as the last phase where the weakest hands come out, and the stronger purchase interest gathers before a decisive movement higher. If Dogecoin successfully leaves the cup and handling model, the projected price target can be estimated using the measured travel technique. This implies calculating the depth of the cup and adding this value to the termination point. Based on this method, the expected objective is around $ 4, according to the graph shared by analyst Kevin.
Criticism: why it’s not a classic cup and sleeve
A cup and a handful of manuals require specific structural characteristics, including a rounded background and a shallow handle, forming near a preliminary resistance or key area of all time before an escape. However, there are critical differences in this analysis which puts doubt on its validity.
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The drop from $ 0.74 (May 2021 ATH) to $ 0.05 to $ 0.06 is too deep and extended to be considered good cutting formation. Classic cutting models are generally formed over weeks in months, not several years of prolonged downward trend.
Recovery from $ 0.05 to $ 0.06 to $ 0.48 is not symmetrical with the initial decline, which makes the “low rounded” aspect of the cup questionable. Instead, the price action looks like a multi -year accumulation phase rather than a continuous rounding structure.
In addition, the handle is too deep in the structure. A valid handle should develop near the rim (that is to say almost $ 0.48), but in this case, Dogecoin traced up to $ 0.14 to $ 0.17-which is one massive drop of more than 65% of the supposed abolition of the cup. A healthy handle should not drop below 50% of the depth of the cut, but here, it is almost to the lower third of the structure, invalidating the classic pattern.
At the time of the press, DOGE exchanged $ 0.17.
Star image created with dall.e, tradingView.com graphic