20x In The Cards? Why Dogecoin Has The Potential To Run Again

Dogecoin green

Dogecoin has spent the past week moving within a tight range, trading between $0.16 and $0.19 with the entire market maintaining a cautious tone. The price briefly dipped below $0.16 last week but was quickly met with buying interest, keeping the meme coin from slipping deeper below $0.15.

Recent candles on the two-week chart show a tightening downtrend, and this has received attention from technical analysts tracking long-term patterns. Among them is Osemka, who shared a technical analysis on X that highlights Dogecoin’s historical performance and what might come next.

Dogecoin Has The Potential To Run Again

A brief technical analysis of Dogecoin’s price action on the 2-week candlestick timeframe chart shows that the meme coin has a pattern of massive exponential moves once it breaks out of long accumulation phases. 

The first example of this was in 2017, when Dogecoin’s price surged by 9,404%, turning fractions of a cent into tangible profits for early holders. This rally was enough to send the Dogecoin price to new all-time highs as high as $0.01858 and gave a glimpse of what the meme coin could achieve. Four years later, the 2021 rally dwarfed that performance, with DOGE soaring 30,693% to reach a peak price of $0.73, a milestone that has stood until now. 

However, these runs didn’t happen overnight but were the result of years of sideways consolidation that eventually gave way to parabolic growth once market sentiment turned bullish again. 

A similar setup now appears to be forming on the charts, with Dogecoin once again consolidating in a prolonged phase. The two-week timeframe shows a stable base forming around $0.16 and $0.18, which has acted as a critical range of support in recent months.

Dogecoin Price Chart. Source: @Osemka8 On X

Analyst Expects At Least A 20x Rally

According to the crypto analyst Osemka, the current Dogecoin setup resembles the pre-rally structures of both 2017 and 2021. As such, the analyst noted that there is no reason why the meme coin cannot replicate another rally and increase by at least 20x from here.

With the current Dogecoin price just below $0.18, a 20x move would place DOGE comfortably above the $3 price level, and this corresponds with the analyst’s “few dollars conservatively” estimate. Particularly, the projection is a 2,047% rise to $3.10 in the next major impulse wave that could define 2025. 

At the time of writing, Dogecoin is trading at $0.1782, down by 1.6% in the past 24 hours. The meme coin has been mirroring Bitcoin’s performance very closely in recent weeks in terms of both uptrends and declines. Nevertheless, this technical forecast positions Dogecoin as one of the top candidates for a resurgence once risk appetite returns to the crypto market.

DOGE price looking weak again | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Exit mobile version