Historical patterns suggest that Dogecoin (DOGE) may be positioning for a major rally, with a popular expert setting price targets as high as $5.
This bullish projection adds another ambitious forecast to a growing list of Dogecoin predictions, which expect a major breakout for the largest memecoin by market capitalization.
Analyst Predicts Dogecoin To Hit $2 and $5
Crypto Patel recently shared his bullish expectations for DOGE on X, suggesting that the memecoin could be gearing up for a parabolic price action to unprecedented targets.
Basing his projections on a fractal confluence and high-timeframe breakout structure, he expects the DOGE price to hit $2 and $5 this cycle. These targets represent an increase of about 1,030% and 2,725% from its price of $0.177 at the time of the update.
The chart shared in the Tuesday post shows that DOGE has been trading in a descending triangle since hitting its all-time high of $0.75 in 2021. Following the Trump-led crypto market boom late last year, DOGE staged a breakout from the triangle in December 2024 and rallied above $0.48.
In recent months, it retested the trendline of the triangle amid dipping prices. Following the successful breakout and retest play, Crypto Patel expects the dog-themed token to stage another exponential rally.
DOGE Repeated Price Action
The breakout pattern identified by the widely-followed crypto analyst played out in 2017 and 2021. Specifically, DOGE jumped from around $0.00022 in 2017 to peak at $0.019 upon breaking out and retesting the descending triangle’s upper trendline. This translated to a price increase of over 9,812%.
In a similar pattern formation in 2021, the leading memecoin staged a 32,425% rally as its price rose from around $0.0025 to $0.75. With DOGE successfully breaking out and retesting the upper trendline of a similar descending triangle, Crypto Patel expects history to repeat itself.
Trader Tadrigrade has also shared a close price expectation for DOGE, having seen similarities between the current price action and Dogecoin’s first bull run.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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