Could Dogecoin be on the verge of another massive price surge? A few crypto analysts think so.
A 2021 Pattern Repeats
Trader Tardigrade, a well-known crypto analyst, has noticed that Dogecoin’s current price action mirrors a bullish pattern from its 2021 bull run. This pattern, according to his analysis, previously led to a huge price spike. He believes history could repeat itself, potentially sending Dogecoin to $16. He’s mentioned this $16 target multiple times, even suggesting a range of $10 to $30 as a possible peak for this market cycle. He even went so far as to predict a $30 price by March 2025 if the 2021 pattern plays out fully. He spotted this pattern before the current price increase began.
Other Analysts Agree (Mostly)
It’s not just Tardigrade. Ali Martinez, another analyst, also sees Dogecoin reaching $16, even suggesting a potential high of $23 if it hits the 2.272 Fibonacci level.
The $1 Hurdle and Beyond
While $16 is a long-term prediction, the more immediate goal for many analysts is $1. Master Kenobi believes Dogecoin will hit $1 soon, especially if Bitcoin surpasses $100,000. He points to a consolidation period similar to the one before Dogecoin’s last big price jump.
Kevin Capital agrees about the consolidation. He notes that in the previous cycle, Dogecoin consolidated for 24 days before another major price increase. If this pattern repeats, he expects the next leg up to begin by the end of the week, potentially pushing Dogecoin towards the $3.80 to $4 range.
Current Price and Outlook
Currently, Dogecoin is trading around $0.43, showing a 4% increase in the last 24 hours. Whether it will reach $1, $16, or even higher remains to be seen, but the analysts’ observations are certainly sparking excitement among Dogecoin investors.
