Dogecoin’s price has exploded this year, up over 300%! But one analyst thinks this is just the beginning.
Is the Dogecoin Rally Just Getting Started?
Crypto analyst Philip believes Dogecoin’s price surge is far from over. Looking at the monthly chart, he sees Dogecoin near the bottom of its cycle, poised for continued upward movement. He points to a recurring “triangle pattern” in Dogecoin’s trading history – a period of consolidation before a massive price jump. While this jump started earlier this year, Philip argues it’s still early days because these parabolic rallies always lead to new all-time highs (ATHs). Dogecoin hasn’t hit its previous ATH of $0.73 yet, despite the impressive YTD gains. Therefore, he expects at least a retest of that ATH.
Looking to the past, Dogecoin saw roughly 9,000% gains in 2016 and a staggering 50,000% in 2021. Based on this, Philip predicts a conservative target of $5 – meaning a potential 1,000%+ increase from current prices. But first, breaking that $0.73 ATH is key.
Other Analysts Weigh In
Other analysts share a similar optimistic outlook. Alan Santana also believes the strong growth signals the start of a bullish cycle. Trader Tardigrade, using a different approach, predicts the next price target to be $0.88, based on Dogecoin’s historical pattern of doubling from previous highs. Finally, Kevin Capital highlights a bullish divergence on the 4-hour chart – a technical indicator suggesting further upward momentum.
Current Price and Outlook
At the time of writing, Dogecoin is trading around $0.39. While the predictions vary, the overall sentiment among these analysts is bullish, suggesting significant further growth potential for Dogecoin.
