Dogecoin (DOGE) is back in the spotlight as analysts and traders alike highlight a combination of technical breakouts, historic patterns, and rising on-chain activity suggesting the meme coin could surge as high as $12 in the next bullish cycle.According to Trader Tardigrade, a respected crypto chart analyst, Dogecoin’s price history reveals recurring long-term cycles marked by accumulation phases followed by rapid breakouts. Tardigrade believes DOGE is entering the early stages of its third major cycle, with a price target range of $3 to $12, based on logarithmic chart analysis and historical data from 2017 and 2021.
Chart Patterns and Bullish Signals Fuel Optimism
Long-term charts show DOGE forming a rounded-bottom pattern, a classic sign of extended accumulation before a breakout. This structure was observed during the explosive rallies of 2017 and 2021, and analysts argue the current pattern aligns closely with these historical formations.
Increased trading volume is further reinforcing bullish sentiment, pointing to growing buyer confidence. According to Bitcoinsensus, each Dogecoin cycle starts with a breakout above a descending triangle, followed by multi-month price rallies. Historical performance included gains of 80x and 240x, and the current setup could potentially deliver a 140x return, they noted.
Short-Term Recovery May Spark Long-Term Surge
On the hourly chart, Ali Martinez, a well-followed technical analyst, flagged a TD Sequential buy signal near $0.224, indicating a potential short-term rebound. This is supported by a bullish engulfing pattern, and if DOGE holds above this level, resistance at $0.229 and $0.232 could soon be tested.
At the time of writing, Dogecoin trades at $0.22, down 2% in the last 24 hours, but analysts believe current technicals point to a reversal and rally as the market regains momentum.
On-Chain Activity and Breakout Confirmations
Further strengthening the bullish case, Dogecoin recently broke through a multi-year resistance line, which many traders interpret as the start of a historical breakout cycle. Analysts highlighted an inverse head-and-shoulders pattern, supported by increasing wallet activity and trading volume.
If the current trend holds, Dogecoin could hit short-term targets like $0.29, with medium to long-term levels potentially rising to $0.65 and beyond, based on pattern projections. With meme coins gaining traction once again, DOGE may lead the charge in the altcoin rally.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
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