A new and fresh prediction says that Dogecoin price could hit a staggering $5 this market cycle.

The claim was shared on social media platform X and is supported by a visual chart analysis that shows the repeated consolidation and breakout phases in Dogecoin’s price movements.

Based on past price trends, the analyst says that the meme coin is once again preparing for a massive price move that could take it above $1.

According to cryptocurrency analyst CryptoELITES, the Dogecoin price chart has seen a repeated parallel triangle structure, followed by a vertical price rally.

The chart includes Dogecoin’s historical rallies spanning from its initial price to the current period.

There were three clear triangle breakouts that took the price to significant levels, each rally starting with an upward breakout after a consolidation of the parallel triangle.

The first rally took the price to around $0.002, the second took the price to $0.013 in the long run, which increased retail interest in the meme coin world.

The third breakout was the most prominent, when Dogecoin hit a peak of $0.7316 in May 2021, which was made possible by social media hype and FOMO and brought it into the ranks of the major cryptocurrencies.

The market saw some bearish consolidation after this peak, but still saw another wave of breakouts, which have suffered some corrections in recent months, but this too is similar to past patterns.

CryptoELITES

has predicted a 2021 bull rally-like rally, based on the current price pattern, and has specifically given a price target of $5.

If you’re not expecting $5, you probably don’t know anything about Dogecoin, the analyst says.

If Dogecoin’s price reaches $5, it would be a historic achievement for the cryptocurrency.

Based on the current circulation of around 149 billion tokens, the market capitalization at this price would exceed $720 billion, making it the second largest crypto market after Bitcoin and surpassing Ethereum.

This high price will require significant participation from both retail and institutional investors, and while this target may seem lofty, Dogecoin has defied expectations before, as demonstrated by its 36,000% rally in 2020-2021.

Currently, the price of Dogecoin is trading at around $0.168.

This is news, this is analysis,

This is not financial advice from the author of the post, if you want to invest in the crypto market, first do thorough research, then buy.