As Dogecoin attempts to stage a comeback after consecutive bearish sessions, some analysts believe the next leg up could trigger an over 1,000% surge.
The price of Dogecoin has increased by 1.81% over the last 24 hours, trading at $0.3560. At this price, the meme coin is trading at an 11% discount from the higher levels it reached earlier this week.
Amid this lackluster price action, trader Alan took to X to offer optimism to Dogecoin holders. Specifically, he remarked that the next Dogecoin rally could not only exceed the $1 mark but also reach as high as $4.
He referenced a chart, pointing out that the market had in earlier times witnessed the current Dogecoin pattern. Alan explained that he set the $4 target based on the trend-based Fibonacci 1.618 Extension level.
Dogecoin Historical Pattern Supporting $4 Price
Notably, the chart highlights repeating patterns of consolidation followed by breakouts since mid-2023. The late 2023 breakout initially saw Dogecoin’s price canceling a zero in December 2023, trading above $0.1050 after several months below that level.
However, it consolidated briefly before resuming the rally, with Dogecoin reclaiming a yearly high above $0.22 in March 2024 before consolidating again.
The peak value reached during that breakout aligned with the 1.618 Fibonacci level. For context, the full rally from $0.0578 in October 2023 to $0.2266 in March 2024 saw Dogecoin price soar by 292%.
Meanwhile, the following consolidation phase lasted about eight months until Dogecoin broke out again in November 2024. This rally saw Dogecoin hit $0.4850 in December, followed by several weeks of consolidation and revising previous lows.
Analysts like trader Alan believe the completion of the pattern that began in late 2024, replicating its past price action from 2023/2024, could push Dogecoin to a peak of $4, aligning with the Fibonacci 1.618 level.
Dogecoin Bull Flag pattern
In a separate commentary, market commentator Kamran Asghar pointed out that Dogecoin has formed a Bull Flag pattern on its 2-day chart. According to Asghar, this formation suggests a potential price target of over $2 for DOGE.
Notably, the Bull Flag is a continuation pattern indicating that a strong upward move could follow after consolidation.
Essentially, with these technical structures, analysts suggest a significant upward move could materialize by mid-2025 for DOGE.
Other market watchers have even used different technical observations to predict double-digit price targets for Dogecoin this year.
Supporting Factor for DOGE
While these projections are based on technical patterns, Dogecoin is also seeing a new fundamental factor that could further boost its price when the bull market returns.
This week, at least two asset managers in the crypto community have declared their intent to list a Dogecoin ETF. Some market commentators believe this development could help DOGE’s price reach $15.
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Source: https://thecryptobasic.com/2025/01/24/expert-says-dogecoin-next-run-could-hit-4-heres-why/?utm_source=rss&utm_medium=rss&utm_campaign=expert-says-dogecoin-next-run-could-hit-4-heres-why