As the market sell-off subsides, one analyst highlighted historical trends and technical indicators to make the case for a timetable for Dogecoin to reach $8.
Dogecoin price regained stability on Thursday after a 14% decline over the past two weeks. Currently trading at $0.337, DOGE recorded a gain of 1.96% over the past 24 hours but posted a slight decline of 0.65% over the past week.
As the market selloff subsided, one analyst highlighted historical cycle patterns and technical indicators that could signal long-term growth potential for Dogecoin.
Historical Cycles Taking Dogecoin to $8
Trader Tardigrade, crypto analyst on highlighted Historical price cycles of Dogecoin within a recurring ascending channel. The analysis identified a significant upward movement in the past, marked by a green arrow on the chart.
As the chart shows, in 2017, Dogecoin rose from $0.00015 to around $0.038. The analysis suggests that the current price action falls within this channel. As a result, the analyst projected two key price targets for Dogecoin based on the historical trend.
Trader Tardigrade predicts a potential peak of $2 in 2025, while continued growth suggests a target of $8 by 2028. He described the targets as a reasonable expectation for meme coins.
Notably, these updated price targets constitute a revision of Tardigrade’s previous analysis which proposed 30$ for Dogecoin for this cycle.
Now is not a good time to sell DOGE
In addition to long-term projections, Trader Tardigrade highlighted earlier that Dogecoin’s recent retracement is a retest of critical levels. The analyst highlighted the crypto’s exit from an ascending triangle pattern on January 3, when it broke through the base of the structure at $0.3435.
The bullish momentum took Dogecoin to a yearly high of $0.3989 four days later before returning to retest the triangle apex.
This technical behavior supports the analyst’s opinion that the retracement does not signal a massive sell-off but rather the continuation of the bullish momentum. The model suggests that Dogecoin could consolidate before resuming its upward trajectory.
In the chart shown at the time, the analyst predicted that Dogecoin could surpass its previous all-time high of $0.7488 to target levels near $0.95.
Large holders always accumulate
Data from IntoTheBlock further corroborated the bullish outlook, revealing an increase in inflows from large holders over the past three months. Over the 90-day period, cumulative influxes increased by 3,722%, indicating significant accumulation by whales.
This trend aligns with a 323% increase in inflows over the past 30 days and a modest 5.33% increase over the past week. The accumulation activity of large operators is a key factor contributing to reduced market supply, which generally puts upward pressure on prices.
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