Dogecoin Price Is Aligning With Power Of 3 Pattern, Here’s What To Expect Next

Crypto analyst Trader Tardigrade has highlighted an interesting development in the Dogecoin price movement as it starts to trade within a range. According to technical analysis by the crypto analyst, Dogecoin is currently in a manipulation phase. Interestingly, he noted that the king of meme coins has been following the Power of Three (PO3) pattern […]

Dec 26, 2024 - 05:00

Dogecoin Price Is Aligning With Power Of 3 Pattern, Here’s What To Expect Next

Crypto analyst Trader Tardigrade has highlighted an interesting development in the Dogecoin price movement as it starts to trade within a range. According to technical analysis by the crypto analyst, Dogecoin is currently in a manipulation phase. Interestingly, he noted that the king of meme coins has been following the Power of Three (PO3) pattern for the past multiple weeks, which points to a looming bullish wave.

Dogecoin Aligning With Power Of 3 Pattern

The Power Of 3 pattern is an interesting price pattern in technical analysis that always ends up in a strong, bullish move. This pattern outlines three critical phases; Accumulation, Manipulation, and Distribution, that collectively define the market cycles.

In the case of Dogecoin, the leading meme cryptocurrency has remained on a downtrend path since the second week of December, with notable corrections leading to a break below the $0.30 threshold. As pointed out by Trader Tardigrade, this decline is part of the Power Of 3 pattern, meaning it is very important for a price surge from here.

According to Trader Tardigrade, using the daily candlestick timeframe chart, Dogecoin’s accumulation phase lasted from early November to mid-December after a crazy surge that lasted from October to November. During this accumulation period, Dogecoin’s price consolidated within a narrow range, signaling subdued activity but significant buying interest even as some holders took profits.