Crypto analyst Crypto Paradise has raised the possibility of the Dogecoin price recording another explosive rally above the psychological $0.4 level. The analyst highlighted a bullish pattern, which proves that the foremost meme coin could witness this parabolic move. 

Why The Dogecoin Price Could Soon Rally Above $0.4

In a TradingView post, Crypto Paradise predicted that the Dogecoin price could soon rally above $0.4 and explained why this parabolic move was on the horizon. The analyst revealed that DOGE is currently forming a descending channel pattern, and things are starting to look “interesting” for the foremost meme coin. 

He further remarked that the Dogecoin price had printed a bullish engulfing candle right on the supportive trendline, backed by bullish divergence and a key support zone. Crypto Paradise noted that these are all strong signals that a bullish move could be on the horizon for the foremost meme coin. 

Crypto Paradise also asserted that the Dogecoin price is likely to bounce from the strong support zone if it​​ witnesses further panic selling or a deeper retracement. However, to confirm this potential move to the upside, the analyst remarked that the market needs to witness a “bullish I-CHoCH,” a W pattern, or an inverse head and shoul

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Author: Scott Matherson

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