Dogecoin up 350% From Bottom, But DOGE Price Still Has A Long Way to Go

Dogecoin (DOGE) price rose 350% from its recent cycle low, according to analyst Rekt Capital. Multiple analysts suggest a major upside potential remains in the current market cycle.

The meme coin’s latest surge comes amid broader market optimism and technical indicators pointing to possible continuation.

Dogecoin surges 350% from generational bottom

Rekt Capital highlighted DOGE’s 350% recovery from what he describes as a “generational bottom.”

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He emphasized that the token has substantial room for growth in the current cycle. This assessment aligns with trader Ali’s technical analysis.

Ali projected potential price targets between $3.95 and $23.26, based on Fibonacci extension levels of 1.618 and 2.272, respectively.

Dogecoin surges 88.5% in seven days

According to CoinGecko data, DOGE is currently trading with impressive momentum across multiple timeframes.

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The token has recorded gains of 21.9% in the last 24 hours. The 24 hour trading range is from $0.2367 to $0.3003.

The weekly performance shows an 88.5% increase, while monthly price pumps exceed 159%.

Despite these gains, DOGE remains 60.4% below its all-time high of $0.7316, reached in May 2021.

DOGE golden cross formation

Technical analyst Milkybull Crypto has identified a golden cross formation on DOGE’s weekly chart. It is a technical indicator that historically precedes substantial price movements.

The analyst drew parallels to Q4 2020, when a similar pattern preceded what they described as “life-changing rallies.”

Based on Fibonacci analysis, Milkybull projects potential price targets between $2 and $4 for this cycle.

The current rally echoes previous DOGE bull runs, particularly the historic surge of 2021 that saw the token reach its all-time high.

The formation of a golden cross on the weekly timeframe, combined with strong fundamental momentum and broader market strength, suggests a chance for continued upward movement.