Analyst predicts Dogecoin price will reach $3 during current cycle
Following a period of intriguing price movements, Dogecoin has once again surpassed the $0.4 mark after bouncing back from $0.31. This significant surge has allowed Dogecoin to recover from the losses it faced in the previous week.
The recent rally has set Dogecoin on course for further upward movement, with potential price targets to consider if the rally continues.
An analysis on the TradingView platform has drawn parallels between Dogecoins current price trends and past patterns, suggesting a potential rally that could take Dogecoin to $3 during this cycle.
Dogecoins Consolidation Resembles January 2021 Surge
A detailed analysis of Dogecoins price action on weekly candlesticks indicates a consolidation phase just below the $0.5 level over the past six weeks. This pattern mirrors a similar behavior observed in January 2021, adding credibility to the theory that Dogecoin follows cyclic patterns.
During 2021, Dogecoin experienced explosive growth following a period of accumulation, resulting in impressive returns from its lowest point.
Further analysis highlights similarities between Dogecoins current rally and its price surge in Q4 2024, suggesting a potential increase of around 480% since the August 2024 low.
Comparing past performance, the current consolidation phase could indicate a forthcoming rally for Dogecoin, potentially repeating its previous patterns.
Phase 2 Target: Aiming for $3
Based on historical data, analysts anticipate a Phase 2 rally for Dogecoin, with a projected increase of 3,600%, similar to previous cycles. This increase could bring Dogecoin to the $3 mark, potentially within the next three weeks.
Currently, Dogecoin is trading at $0.3947, with an intraday high of $0.4334. A rise to $3 would mean a 777% increase from the current price.
Featured image from VOI, chart from TradingView
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