Crypto Analyst Predicts When Dogecoin Price Will Hit $3 This Cycle
Dogecoin Breaking through the $0.4 mark again After a few days of interesting price inflows, it resulted in a significant price rebound from $0.31. This strong upward trend has allowed Dogecoin to reverse last week’s price losses.
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Additionally, the recent rally has Dogecoin back on track for further gains, with the next prospects Expected price target If it continues to rise in the future.
Technical analysis on the TradingView platform highlights a compelling comparison between Dogecoin’s current price action and its historical patterns to predict a potential sharp rally Dogecoin rose to $3 this cycle.
Dogecoin’s Consolidation Reflects January 2021 Rally
this Questionable technical analysis Get a long-term perspective on Dogecoin’s price action by analyzing weekly candlestick patterns. Interestingly, the weekly candlestick shows that Dogecoin has been consolidating below the $0.5 price level over the past six weeks, in an up and down trend.
The analyst highlighted that Dogecoin’s recent consolidation is an almost exact replication of similar behavior in January 2021 above the 1-week moving average (MA50). This time-symmetric positioning relative to previous market cycles adds credibility to the argument that Dogecoin is following a cyclical pattern proposed by various analysts through multiple technical analyses.
As early as 2021, cryptocurrencies moved from a period of accumulation to a period of explosive growth, with returns exceeding 3,600% from the bottom.
Expanding on this cyclical pattern, analysts highlighted another similarity with Dogecoin’s price rise in the fourth quarter of 2024. The price of Dogecoin is up about 480% Since bottoming out in August 2024, This figure is in line with the 480% growth observed between November and December 2020.
Following the initial surge in the first phase of 2020, Dogecoin entered a consolidation phase in January 2021 before embarking on the second phase of its rise. Therefore, the current consolidation appears to reflect this historical sequence and provides a basis for predictions that Dogecoin may appear on the market. On the verge of repeating past performance.
Phase 2 Goal: Path to $3
Based on historical precedent, analysts expect Dogecoin’s “Phase 2” could bring a 3,600% rise, similar to the cycle observed in early 2021. In terms of price targets, a 3,600% rise from August 2024 is expected to take Dogecoin down towards the $3 mark. The time frame for this price target is within the next three weeks at the earliest, although analysts note that it could be much later.
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At the time of writing this article, Dogecoin is trading at $0.3947, although its recent intraday high was $0.4334. A move to $3 would represent a 777% increase from current prices.
Featured images are from VOI, charts are from TradingView
