Dogecoin once again becomes the center of attention as market analyst Master Ananda outlines a promising outlook for the current price rally. Previous cycles have shown that significant fluctuations of DOGE often occur over several months, rather than just a few weeks.
Ananda emphasizes that this meme coin has been on an upward trend for many years, with strong momentum since 2022 and a clear breakout since October 2023.
Although no one can predict the market with certainty, the analyst argues that the growth path has begun to move and the price target suggests that the price could rise as high as $2.55 in this cycle.
Historical Growth Pattern of Dogecoin Compared to the Current Cycle
Looking back at the history of Dogecoin, the numbers speak for themselves. In the most recent price rally, DOGE has astonishingly grown by 65,527% over 420 days, proving that its momentum exceeds what most people expect. This context makes it hard to believe that all growth potential must be confined to two months, or 'eight candles', as Ananda puts it.
Dogecoin hit the bottom of the bear market in June 2022, after reaching an all-time high in May 2021. Since then, including a long accumulation phase, DOGE has steadily grown over 1,155 days. The upward trend became much clearer in October 2023, meaning that this coin has seen strong growth for 672 days since then.
With this context, Ananda questions: Who decides that a price rally must end after exactly two months? Why not three, four, or even many more months of continuous growth? He points out that the market does not always adhere to the predictions of central banks or analysts, and external expectations such as recession concerns often do not align with what actually happens.
In some cases, when traditional markets decline, cryptocurrencies can surprise everyone by turning to a very strong upward trend. For Dogecoin, such a perfect moment is not impossible.
With this assessment, the analyst believes that underestimating Dogecoin's potential is a short-term price rally. This coin's chart shows years of development, and the trend is not yet over. Although still below the all-time high, Ananda is confident that this cryptocurrency will surpass it in this cycle.
Main Price Targets and Upcoming Resistance Levels
Looking at the chart, Ananda provides clear price levels to watch. The first key resistance level is at $0.47, a milestone within reach this month if the upward momentum continues. Breaking through this level will set the stage for testing the previous all-time high of $0.74.
Breaking through this level is $1.166, a level that Ananda calls the main resistance for the current move. If Dogecoin can surpass this area, the door will open for even higher targets, potentially reshaping the cycle, with the price increase potential reaching $1.85 or even $2.55, marking an increase of about 1,000% from the current level.
Although short-term volatility is always present, especially with speculation about recession or market correction, Ananda argues that the trend of Dogecoin is still on an upward trajectory. The market may seem calm at present, but the conditions for a breakout are present.
