The popular memecoin, Dogecoin (DOGE), may be on the verge of a significant breakout, according to highly followed market analyst CobraVanguard. In a recent TradingView post, CobraVanguard highlighted a critical technical setup that could signal a potential surge for DOGE, advising that “this may be your last chance before exploding to the upside.”
CobraVanguard’s analysis centers around DOGE’s recent retest of a key support level on its daily chart. This support, coinciding with the 0.382 Fibonacci retracement level, saw DOGE bounce to highs of $0.43408 in January 2025, validating the analyst’s earlier prediction. CobraVanguard now sees a similar scenario unfolding, with DOGE poised to target $0.32 and potentially $0.60—representing a 25% and 134% increase from its current price of $0.2569, respectively. These price targets align with the 0.618 and 1.272 Fibonacci levels, which are often used by traders to identify potential price reversals.
Beyond the support retest, CobraVanguard also noted the presence of a bullish divergence on the Moving Average Convergence Divergence (MACD) indicator, signaling the potential for upward momentum. The MACD is widely regarded as a reliable tool for identifying price trends and entry points, further strengthening the case for a possible DOGE rally.
CobraVanguard is not alone in his bullish outlook for DOGE. Another prominent analyst, Trader Tardigrade, has coined the term “DOGE Season” to describe the current market conditions surrounding the memecoin. Trader Tardigrade pointed to DOGE’s historical performance, where explosive rallies are often followed by lengthy corrections. Currently, DOGE is in the midst of such a correction, having fallen approximately 58% from its peak of $0.48434 to recent lows of $0.20178.
Also Read: SEC Acknowledges Grayscale’s XRP and Dogecoin ETF Filings, Decision Deadline Set for Mid-October
With the potential for a major rally ahead, market participants may want to keep a close eye on DOGE as it approaches a critical juncture.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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