Crypto analyst Tmilnebml has highlighted a bullish trend forming on the Dogecoin price chart. Based on this, the analyst predicted that the price of DOGE could go back up to up to $4.2 as the meme coin enters the next phase of this uptrend.
Dogecoin Fibonacci spiral could push price to $4.2
In a TradingView articleTmilnebml highlighted the DOGE Fibonacci spiral, which could send DOGE to $4.2. The crypto analyst noted that the Fib spiral is in its third iteration of tracking the golden ratio and has broken recent resistance lines to fulfill his prediction. Its attached chart shows that Dogecoin price could reach $4.2.
The chart also shows that Dogecoin’s price rise to $4.2 could happen as soon as February 2025, although it is unclear whether this will mark the top for the top meme coin. Crypto analyst Ali Martinez had also recently predicted that DOGE could reach $4 and bounces further up to $23 in this cycle based on Fibonacci levels.
The analyst explained that Dogecoin price reached the 1.618 or even 2.272 Fibonacci levels during previous bull cycles whenever it crossed the $0.50 Fibonacci retracement level. Based on this, DOGE could reach $4 if it hits the 1.618 Fib level and $23 if it hits the 2.272 Fib level.
Crypto analyst Tardigrade Merchant also recently predicted that Dogecoin price could reach $8.7 by August 2025 if it mirrors the 2016 bull run. Meanwhile, he said that DOGE could reach as high as $30 if it replicates the 2021 bull run.
DOGE has entered its parabolic phase
In a recent X article, Ali Martinez stated that DOGE had entered a parabolic bull run and explained why he believed it. First of all, he mentioned that Dogecoin Whales I bought millions of DOGE coins. These whales recently purchased 140 million DOGE ($56 million) in less than 24 hours.
Second, he noted that retail investors are just starting to notice the potential of DOGE, indicating that DOGE has even more room to grow as these investors accumulate the meme coin. He added that crypto enthusiasts seem to prefer DOGE on Bitcoinwhich presents a bullish outlook for the meme coin.
Martinez then mentioned that based on a parallel channel and historical data, Dogecoin price could reach between $2.40 and $23.26. However, he warned investors that they will have to prepare for sharp price corrections. Martinez noted that Dogecoin price saw several corrections ranging from 40% to 84% during the 2017 and 2021 bull runs.
At the time of writing, Dogecoin price is trading at around $0.39, up more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com