In a detailed technical analysis shared on X, crypto analyst Trader Tardigrade highlighted a striking resemblance between the current Dogecoin price movement and its previous market cycle, even as the meme coin struggles to regain bullish momentum. According to the technical analysis, Dogecoin’s price action in the past two years has been highlighted by a back and forth between multi-year trading channels. This observation puts Dogecoin on the path to repeating the previous outcome, which would see its price push to new all-time highs.
Technical Analysis: Replicating Past Market Cycles
Trader Tardigrade has identified a recurring price pattern on Dogecoin’s multi-year timeframe that suggests the cryptocurrency could be on track to reach a double-digit price in the future. The analysis, based on the DOGEUSD monthly candlestick chart, highlights that Dogecoin has been trading within a defined parallel channel since 2022.
This channel is characterized by key market events, including Dogecoin’s explosive all-time high in 2021, the subsequent bear market in 2022, which pushed prices down to the bottom trendline of the channel, and a noticeable upward rebound beginning in 2024.
According to the analyst, this behavior is not a mere coincidence but an indication of the coin’s inherent market dynamics. He pointed out a similar price action between 2024 and 2020, which saw Dogecoin trading in a similar channel before it eventually broke upwards in 2021 to reach its current all-time high. “The same parallel lines (Channel) has been identified,” the analysis said.
With this repetition of price action in mind, the previous outcome could give a range of the potential Dogecoin price target in the coming years. As shown by the chart below, Dogecoin is still in the middle part of the previous cycle, and a similar first phase projection points to an optimistic price target of $2 in 2025.
Looking Beyond 2025: $8 by 2028 And Double Digits Soon?
If the previous channel remains a reliable reference, Dogecoin is projected to sustain its bullish trajectory until at least 2028. The analysis suggests that after reaching an initial peak of $2, Dogecoin could undergo a significant correction lasting several months before regaining upward momentum and eventually replicating the explosive rally witnessed in 2021.
In this scenario, this would see Dogecoin rise to $8 in the next cycle to eventually break above the trading channel, much like it did in 2021. According to the projection, this is expected to take place sometime in 2028. From here, Dogecoin would then be free to push above the trading channel into double digits before any other notable correction rolls into place. Trader Tardigrade concluded with a simple yet powerful message for Dogecoin enthusiasts: “Hodl your $Doge.”
At the time of writing, Dogecoin is trading at $0.329. The first move to an extended bull run would be quick breaks above the $0.4 and $0.5 price levels. However, the immediate challenge for the bulls is to maintain the price above the $0.3 support level.
