Analyst Says DOGE Gearing for Massive Rally as Social Dominance Spikes

Several indicators point to an impending Dogecoin price outburst, with an analyst asserting the asset would target an ambitious surge to $3.80.

Analyst Trader Tardigrade insists that a massive rally is imminent for Dogecoin, the largest meme coin by market cap. In a tweet today, he shared a chart suggesting that the doggy-themed token will target a surge to $3.80 this cycle.

Dogecoin Gearing for An Upsurge

The chart suggests that Dogecoin will mirror its previous cyclical performance this season. It shows how Dogecoin has historically pushed past its past cycle highs and surged considerably after the break of structure.

Trader Tardigrade expects the 9th-largest cryptocurrency by market cap to repeat that pattern soon, speculating it will surge more than 1,040% from its current market price to $3.80.

Meanwhile, the analysis follows a January 30 prediction of Dogecoin’s dominance breakout against Bitcoin, the largest cryptocurrency by market cap. The commentary showed that the DOGE/BTC weekly chart forms a falling wedge and is currently on a crucial support level.

The market speculator suggested that Dogecoin’s dominance could break from the wedge and spearhead a broader altcoin market rally in the coming weeks. Notably, Trader Tardigrade predicted in another tweet that this could happen in February, a month known for surges from Ethereum and other altcoin.

More Analysis Confirms Impending Rally

Adding to the bullish outlook, seasoned market trader Coinvo confirmed growing optimism of a Dogecoin rally. He recently asserted that the prominent meme token would hit a new all-time high in the near term, mirroring its last bull cycle’s outing.

An accompanying chart cited Dogecoin’s price behavior at its current level in the 2021 bull cycle. Last season, the asset surged 12,000% from this position, swinging to its current all-time high of $0.7605.

In the meantime, Dogecoin would have to hold $0.33 for more upsides. A recent analysis highlighted that the meme coin needs to sustain the level for an immediate push to $0.4155 before it can target new highs.

Dogecoin’s Social Activity Confirms Bullish Traction

Further, the social activities around the Dogecoin ecosystem indicate the meme coin is catching attention. LunarCrush Analytics shows that the growing buzz from its ever-cheering community has seen its social dominance against all other crypto assets reach a multi-month high of 4.45%.

For perspective, a growing social presence could influence the perspective of market participants toward an asset and drive positive market sentiments. As a result, Dogecoin’s booming media activity could translate to price shifts if the buzz persists.

At press time, Dogecoin trades at $0.335 and is on track to close green for the third consecutive day.