Dogecoin's price has currently fallen over 70% from its historical high of about $0.74. However, a cryptocurrency analyst predicts a very high likelihood that this popular meme coin will reach new highs. Based on the recurrent historical patterns and strong technical signals, this analysis indicates that Dogecoin is preparing for a key breakout, which could open the door for a strong rebound.
Dogecoin's price is about to set a new high.
The possibility of Dogecoin reaching a new all-time high in this cycle is 'extremely high.' Marks has made a compelling argument by comparing Dogecoin's current market structure with historical price trends from 2014 to the present. Historical price movements seem to follow a recurring consolidation pattern, followed by explosive increases.
Dogecoin (DOGE) has historically experienced a compression phase within a wedge pattern, followed by a significant breakout, reaching new all-time highs. During the bull market of 2016-2017, this cryptocurrency hit a peak of $0.01877 after a long period of compression. A similar pattern was also observed in the 2021 bull market, where after a prolonged tightening consolidation period, Dogecoin's price soared to a new high of $0.739.
Currently, the chart structure is surprisingly similar to past trends, with Dogecoin's price hovering closely around a potential breakout point. Considering this, there is a prediction that this meme coin is about to see a significant increase of over 226%, which, if momentum continues to strengthen, will lay the foundation for a breakout above the historical high of $0.739.
According to chart analysis, historical fractals further indicate that Dogecoin has the potential to break the $1 mark, reaching $1.42 or even $2.11. If Dogecoin surges to either of these targets, it would mean a significant increase of approximately 545% and over 830% from the current trading price of about $0.22.
Dogecoin's pullback is expected to reach the next target.
Dogecoin is showing signs of a pullback, which may soon turn into a breakout. The expert's analysis shows that Dogecoin is recovering from a support level of $0.2138, which has remained strong after recently dropping from a local high of $0.2866.
The decline of Dogecoin is healthy as it has pulled back to test previous breakout areas. This pullback phase shows signs of weakness, with the current price of this meme coin consolidating around $0.22. Notably, the chart reflects a potential double bottom structure, suggesting a possible bullish reversal pattern.
Based on this, the potential upward space for Dogecoin is predicted to be 28.83%, with a short-term target price range between $0.24 and $0.25. If the bullish momentum continues, the projected trajectory on the chart will point to sustained increases near $0.28.
