Crypto analyst Trader Tardigrade has captured the attention of the crypto community by highlighting a historical trend in which the price of Dogecoin has mirrored this cycle. The analyst suggested that this is positive for the leading meme coin as he outlined what is likely to occur next.
Dogecoin Price Mirrors Reversal Box Movement From 2020
According to Trader Tardigrade in an X post, the price of Dogecoin has duplicated the action seen in a ‘Reversal Box’ from 2020. He noted that the current price movement is nearly identical, as DOGE has once again created three higher lows and is now overcoming the resistance ahead of the “significant surge.” In 2020, the meme coin established these three higher lows before it broke out and surged to its all-time high (ATH) of $0.73.
The analyst’s accompanying chart indicated that he again anticipates the Dogecoin price will ascend to at least $0.7 following these higher lows. However, based on his prior forecasts, this is unlikely to be the peak for the meme coin in the ongoing bull market. Last month, Trader Tardigrade expected that DOGE could potentially reach $3.7 by 2025.
Self-proclaimed Dogecoin lead analyst on X, Kevin Capital, also forecasted that the price of Dogecoin could soar to as high as $3.80. He recently echoed sentiments similar to Trader Tardigrade’s, suggesting that a price breakout may soon be imminent. He stated that the 2-week money flow on DOGE shifted to green for just the third time in its history. On the other two occasions, the meme coin experienced a breakout leading to a new ATH.
DOGE Could Surge to $12
Crypto analyst Master Kenobi recently updated his analysis on DOGE, suggesting that the price of Dogecoin might reach $12 in this bull market. He claimed that the market is halfway through the 91-day period expected for the meme coin to surpass its current ATH.
He stated that the chart seems to be repeating the pattern observed during the 2021 bull run, indicating that the Dogecoin price is preparing for a surge that could see it hit $0.55 in the short term. Master Kenobi added that developments are about to happen “incredibly fast.” His accompanying chart showed that DOGE could potentially rise to $1 and even $2.7 before the year concludes.
Meanwhile, the ascent to $12 could occur around July 2025, which might signify the peak for the leading meme coin. Crypto analyst Dima James also recently pointed out the parallels between Dogecoin’s price movements in this market cycle and in 2021, predicting that the meme coin could rise to $10.
At the time of writing, the price of Dogecoin is 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
