Crypto analyst Tmilnebml has highlighted a bullish pattern that is forming on the Dogecoin price chart. Based on this, the analyst predicted that the DOGE price could rally to as high as $4.2 as the meme coin enters the next phase of this bullish pattern.
Dogecoin Fibonacci Spiral Could Send Price To $4.2
In a TradingView post, Tmilnebml highlighted the DOGE Fibonacci spiral, which could send DOGE to $4.2. The crypto analyst noted that the Fib spiral is on its third iteration of following the golden ratio and has broken recent resistance lines heading to fulfill his prediction. His accompanying chart showed that the Dogecoin price could reach $4.2.
The chart also showed that the Dogecoin price rally to $4.2 could happen as early as February 2025, although it is unclear if that will mark the top for the foremost meme coin. Crypto analyst Ali Martinez had also recently predicted that DOGE could reach $4 and further rally to as high as $23 in this cycle based on the Fibonacci levels.
The analyst explained that the Dogecoin price rallied to the 1.618 or even 2.272 Fibonacci levels in past bull cycles whenever it broke the $0.50 Fibonacci retracement level. Based on this, DOGE could reach $4 if it reaches the Fib 1.618 level and $23 if it reaches the 2.272 Fib level.
Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rally to as high as $8.7 by August 2025 if it mirrors the 2016 bull run. Meanwhile, he stated that DOGE could reach as high as $30 if it replicates the 2021 bull run.
DOGE Has Entered Its Parabolic Phase
In a recent X post, Ali Martinez stated that DOGE has entered a parabolic bull run and explained why he believes so. First, he mentioned that Dogecoin whales have been buying millions of DOGE coins. These whales recently bought 140 million DOGE ($56 million) in under 24 hours.
Secondly, he noted that retail investors have just started to notice DOGE’s potential, indicating that DOGE still has more room to move to the upside as these investors accumulate the meme coin. He added that crypto enthusiasts seem to prefer DOGE over Bitcoin, which presents a bullish outlook for the meme coin.
Martinez then mentioned that based on a parallel channel and historical data, the Dogecoin price could reach anywhere between $2.40 and $23.26. However, he warned investors that they will have to be ready for steep price corrections. Martinez noted that the Dogecoin price witnessed several corrections ranging from 40% to 84% during the 2017 and 2021 bull runs.
At the time of writing, the Dogecoin price is trading at around $0.39, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/dogecoin-fibonacci-spiral-4-2/