Cryptocurrency analyst Trader Tardigrade drew the attention of the crypto community to the historical pattern in which Dogecoin prices have been reproducing this cycle. Analysts indicated this is bullish for the most dominant meme coin as they shed light on what is likely to happen next.
Dogecoin price replicates reversal box movement from 2020
In a post on X, trader Kumamushi stated that Dogecoin’s price has been repeatedly moving in a “reversal box” since 2020. He added that Dogecoin has once again formed three lows and broken through the previous resistance level, and the price movement is about the same. “Hard Pump”. In 2020, Memecoin made these three lows before breaking out and rising to its current high (ATH) of $0.73.
Source: X
The analyst’s accompanying chart showed that he once again expects Dogecoin price to rise to at least $0.7 after these lows. However, based on his previous predictions, it is unlikely to be the meme coin’s market topper in this bull run. Last month, Trader Tardigrade predicted that DOGE could reach $3.7 by 2025.
Kevin Capital, who calls himself Dogecoin’s lead analyst at X, also predicted that Dogecoin’s price could rise to $3.80. He recently shared a similar opinion with trader Kudamushi that a price breakout may be near. He claimed that this is the third time in history that DOGE’s two-week cash flow has crossed the green light. The other two times occurred while the meme coin was on its way to a new ATH.
DOGE could rise to $12
Crypto analyst Master Kenobi recently shared an update on his DOGE analysis and suggested that Dogecoin’s price could rise to $12 in this bull run. He claimed that the market is on a 91-day journey, which is the number of days it would take for the meme coin to surpass its current ATH.
Source: X
He said the chart appears to be repeating the pattern of the 2021 bull market, with Dogecoin price poised for a pump that could push it as high as $0.55 in the short term. Master Kenobi added that things were going to move “incredibly fast.” His accompanying chart showed that DOGE could rise to $1 or even $2.7 by the end of the year.
On the other hand, a rise to $12 could occur around July 2025, which is likely to be the all-time high for the most dominant meme coins. Crypto analyst Dima James also recently highlighted the similarities between this market cycle and Dogecoin’s price trend in 2021, predicting that the memecoin could rise to $10.
At the time of writing, Dogecoin price was trading around $0.145, down more than 1% in the past 24 hours, according to data from CoinMarketCap.
DOGE Price Faces Bearish Pressure | Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, Charts from Tradingview.com
