As Dogecoin attempts to make a comeback after back-to-back bearish sessions, some analysts believe the next surge could trigger a rally of over 1,000%.
Dogecoin price increased by 1.81% in the last 24 hours, trading at $0.3560. At this price, the meme coin is trading at an 11% discount from the higher levels it reached earlier this week.
Amid this lackluster price action, trader Alan opted for to offer optimism to Dogecoin holders. Specifically, he noted that the next Dogecoin rally could not only surpass the $1 mark but also reach $4.
He referred to a chart, pointing out that the market had already witnessed the current Dogecoin pattern. Alan explained that he set the $4 target based on the trend-based 1.618 Fibonacci extension level.
Dogecoin Historical Pattern Supporting $4 Price
The chart notably highlights repeated patterns of consolidation followed by breakouts since mid-2023. The late 2023 breakout initially saw Dogecoin price clear zero in December 2023, trading above $0.1050 after several months below that level.
However, it briefly consolidated before resuming the rally, with Dogecoin reclaiming a yearly high above $0.22 in March 2024 before consolidating again.
The maximum value reached during this breakout aligned with the 1.618 Fibonacci level. To recall, the full rise from $0.0578 in October 2023 to $0.2266 in March 2024 saw the price of Dogecoin rise by 292%.
Meanwhile, the next consolidation phase lasted about eight months until Dogecoin broke out again in November 2024. This rally saw Dogecoin reach $0.4850 in December, followed by several weeks of consolidation and price review. previous lows.
Analysts like trader Alan believe that the completion of the pattern that began in late 2024, replicating its past 2023/2024 price action, could push Dogecoin to a high of $4, aligning with the 1.618 Fibonacci level.
Dogecoin Bull Flag Pattern
In a separate commentMarket commentator Kamran Asghar pointed out that Dogecoin has formed a Bull Flag pattern on its 2-day chart. According to Asghar, this formation suggests a potential price target above $2 for DOGE.
Notably, the Bull Flag is a continuation trend indicating that a strong upward movement could follow after consolidation.
Essentially, with these technical structures, analysts suggest that a significant upside could materialize by mid-2025 for DOGE.
Other market observers have even used different technical observations to predict double-digit price targets for Dogecoin this year.
Support Factor for DOGE
Although these projections are based on technical models, Dogecoin is also seeing a new fundamental factor that could further increase its price when the bull market returns.
This week, at least two asset managers in the crypto community declared their intention to list a Dogecoin ETF. Some market commentators believe this development could help DOGE price hits $15.
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