Dogecoin (DOGE) has seen a modest 1.81% increase over the last 24 hours, trading at $0.3560. However, the meme coin is still trading at an 11% discount from the higher levels it achieved earlier this week. Despite the lackluster price movement, analyst Alan has offered hope to Dogecoin holders, suggesting that the next rally could push DOGE to exceed the $1 mark, potentially reaching as high as $4.
#Dogecoin Next Run Could Hit $4 🔥
— Trader Tardigrade (@TATrader_Alan) January 23, 2025
The same $Doge pattern has been identified, setting the target at the trend-based Fibonacci 1.618 Extension level 🚀 pic.twitter.com/Tilv1NBe7J
Alan’s optimistic prediction is based on technical analysis, pointing to a repeating pattern of consolidation followed by breakout rallies that Dogecoin has experienced since mid-2023. He referenced a chart showing that previous breakouts have often aligned with the Fibonacci 1.618 Extension level, which he believes could drive Dogecoin’s price to $4 in the future.
Historically, Dogecoin has seen several significant price movements. In late 2023, the coin broke out above $0.10 for the first time in months, eventually hitting a high of $0.22 in March 2024. This breakout saw Dogecoin soar by 292% from $0.0578 in October 2023 to $0.2266. Following that rally, Dogecoin underwent a period of consolidation, which lasted until November 2024. In December 2024, it reached $0.4850 before experiencing another phase of consolidation. Alan believes the completion of this ongoing pattern, similar to past price action, could propel DOGE to the $4 target.
Adding to the bullish sentiment, market commentator Kamran Asghar highlighted that Dogecoin has formed a Bull Flag pattern on its 2-day chart. This pattern, often seen as a continuation formation, suggests that after a period of consolidation, a strong upward move could follow, potentially pushing DOGE’s price above $2.
Furthermore, the possibility of a Dogecoin ETF listing has garnered attention from asset managers in the crypto community. If realized, this could significantly impact the price, with some analysts forecasting that DOGE could hit $15 during the next bull market.
Also Read: Dogecoin on the Verge: Falling Wedge Hints at $0.50 Surge
With these technical and fundamental factors in play, Dogecoin’s prospects for 2025 are looking promising, sparking renewed optimism among investors and traders alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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