Crypto analyst Trader Tardigrade has drawn the crypto community’s attention to a historical pattern in which the Dogecoin price has replicated this cycle. The analyst indicated this is bullish for the foremost meme coin as he revealed what will likely happen next.
Dogecoin Price Replicates Reversal Box Move From 2020
Trader Tardigrade mentioned in an X post that the Dogecoin price has repeated the move in a ‘Reversal Box’ from 2020. He added that the price action is almost the same, as DOGE has again formed three higher lows and is now breaking the resistance before the “hard pump.” In 2020, the meme coin formed these three higher lows before it broke out and rose to its current all-time high (ATH) of $0.73.
The analyst’s accompanying chart showed that he once again envisages that the Dogecoin price will rise to at least $0.7 after these higher lows. However, based on his previous predictions, that is unlikely to be the market top for the meme coin in this bull run. Last month, Trader Tardigrade predicted that DOGE could reach $3.7 by 2025.
Self-acclaimed Dogecoin lead analyst on X, Kevin Capital, had also predicted that the Dogecoin price could rise to as high as $3.80. He also recently shared a sentiment similar to Trader Tardigrade’s that a price breakout might be on the horizon. He claimed that the 2-week money flow on DOGE crossed green for only the third time in history. The other two times it happened, the meme coin broke out on its way to a new ATH.
DOGE Could Rise To $12
Crypto analyst Master Kenobi recently shared an update on his DOGE analysis, in which he suggested that the Dogecoin price could rise to $12 in this bull run. He claimed that the market is halfway through the 91-day journey, the number of days it will take for the meme coin to break above its current ATH.
He said that the chart looks to be repeating the pattern from the 2021 bull run, with the Dogecoin price getting ready for a pump that could take its price to $0.55 in the short term. Master Kenobi added that things are about to move “incredibly fast.” His accompanying chart showed that DOGE could climb to $1 and even $2.7 before the year ends.
Meanwhile, the rise to $12 could happen around July 2025, which will likely mark the top for the foremost meme coin. Crypto analyst Dima James also recently highlighted similarities between Dogecoin’s price action in this market cycle and 2021 while predicting that the meme coin could rise to $10.
At the time of writing, the Dogecoin price is trading at around $0.145, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Credit: Source link
