Crypto Analyst Predicts Dogecoin Price Will Hit $3 This Cycle

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After some intriguing fluctuations, Dogecoin surpassed the $0.4 mark once more. These price swells significantly boosted Dogecoin’s value from $0.31, and this robust uptrend helped Dogecoin recover the losses it experienced in the previous week.

In other words, the current surge has brought Dogecoin back into an uplift trajectory, and if the rally continues, we might see some anticipated price objectives ahead.

An examination conducted on the TradingView platform suggests an intriguing parallel between Dogecoin’s recent price fluctuations and its past trends, pointing toward a possible substantial surge that might propel Dogecoin to reach approximately $3 during this market cycle.

Dogecoin’s Consolidation Mirrors January 2021 Rally

The analysis under scrutiny focuses on the long-term fluctuations of Dogecoin’s price by examining patterns within the weekly price bars, or candlesticks. Notably, over the last six weeks, Dogecoin has been oscillating slightly below the $0.5 mark in a pattern that includes both downward and upward swings on the weekly candlesticks.

The expert pointed out that Dogecoin’s current period of stability bears a striking resemblance to its behavior in January 2021 above the 50-week moving average. This similar timing with respect to the previous market cycle lends support to the idea that Dogecoin may be repeating a cyclical pattern, an assumption that has been made by several analysts based on various technical studies.

In the year 2021, the value of cryptocurrency shifted from a phase of stockpiling to rapid expansion, yielding returns exceeding 3,600% from its lowest point.

In the pattern that keeps repeating itself, an analyst pointed out another likeness in Dogecoin’s price surge at the end of 2024. Since its low point in August 2024, Dogecoin’s value has climbed by about 480%. This growth mirrors the 480% jump seen during the time between November and December 2020.

After experiencing a significant increase in 2020 (phase 1 surge), Dogecoin entered a period of stabilization or ‘consolidation’ in January 2021. This recent consolidation seems to follow a pattern from its history, suggesting that Dogecoin might be on the brink of repeating its past successes.

Phase 2 Target: A Path To $3

According to past patterns, the analyst predicts that Dogecoin’s “Phase 2” might trigger a surge of around 3,600%. Translated to a price goal, this forecast suggests an increase of 3,600% from the anticipated low in August 2024. This would potentially push Dogecoin close to the $3 value. However, it’s important to note that this price target could materialize within the next three weeks, although it may also happen much later.

As I type this, each Dogecoin is worth approximately $0.3947. Earlier today, its value peaked at $0.4334. If it were to rise to $3, that would equate to a massive 777% increase from its current price.

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2025-01-18 23:12