Crypto analyst Philip claimed that Dogecoin price rise is only just beginning despite the gain of more than 300%which the most important coin benefited from this year. The analyst used technical analysis to explain why DOGE will rise much further.
Dogecoin price rally is still in its early stages
In a TradingView articlePhilip said the Dogecoin price rally is still in its early stages. Analyzing the monthly chart of DOGE, the analyst noted that the top coin is still near the bottom of the cycle and is expected to hold steady. upward trend. He then hinted at a triangle pattern, in which Dogecoin trades every cycle before experiencing a parabolic price breakout.
Although this price breakout began at the beginning of the year, Philip is convinced that it is only just beginning since this parabolic rally has always led to a new all-time high (ATH). Dogecoin price has yet to surpass its current ATH of $0.73, which it reached over the past month. last bull rundespite an increase of more than 300% since the start of the year (YTD).
Therefore, Philip expects Dogecoin price to at least retest its current ATH. In the meantime, he alluded to previous cycles to predict how high the meme coin could possibly reach in this bull run. He noted that Dogecoin enjoyed a price gain of around 9,000% during the 2016 bull run and a gain of around 50,000% during the 2021 bull run.
With this in mind, he predicts that Dogecoin price could at least replicate the 9,000% gain during the 2016 bull run and reach a conservative target of $5. This means that Dogecoin could still enjoy a price gain of over 1,000% from its current price level. However, for now, the main focus will be on DOGE surpassing its current ATH.
Crypto analyst Alan Santana also recently stated that Dogecoin’s price rise was fair, noting that the strong growth DOGE has witnessed so far signals the start of a bull cycle.
The next stop for DOGE is $0.88
In a post Tardigrade Merchant suggested that the next level Dogecoin price will reach is $0.88. He mentioned that Dogecoin has consistently seen a 2x increase from its previous local highs. In this case, $0.44 marked the current local high for the meme coin. As such, the crypto analyst expects DOGE’s next local high to be $0.88.
Meanwhile, crypto analyst Kevin Capital brought the community’s attention to a hidden bullish divergence forming on Dogecoin’s 4-hour chart. The analyst added that this is something to watch.
At the time of writing, Dogecoin price is trading at around $0.39, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com