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Dogecoin price

Dogecoin Price Is Replicating Bullish Pattern From 2021, But Can It Rally To $16?

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto analyst Trader Tardigrade has drawn the crypto community’s attention to a bullish pattern from 2021, which the Dogecoin price is replicating. This has raised the possibility of the foremost meme coin rallying to $16 in this market cycle. 

Dogecoin Price Replicates 2021 Bullish Pattern

In an X post, Trader Tardigrade revealed that the Dogecoin price has repeated a similar pattern from the 2021 bull run. His accompanying chart showed that the pattern led to a massive god candle for Dogecoin in the previous cycle. In line with this, the crypto analyst raised the possibility of DOGE witnessing another god candle that will send its price to $16.  

Related Reading: ‘Don’t Sell Your Bitcoin Yet’: Analyst Says BTC Price Will Hit $117,000 Once This Level Is Beat
Dogecoin price 1
Source: X

Trader Tardigrade remarked that DOGE would be big, suggesting that the Dogecoin price could reach this price level. On several occasions, the crypto analyst has predicted that Dogecoin could reach this price target in this bull run. Recently, he stated that between $10 and $30 would be the top for the foremost meme coin in this market cycle.  

Meanwhile, he also stated that the Dogecoin price could reach $30 by March 2025 if it mirrors the 2021 bull run. Meanwhile, Dogecoin looks to share similarities to the 2021 bull run compared to any other cycle, which suggests that it could replicate the parabolic rally recorded during that period. 

Even before the DOGE bull run began, Trader Tardigrade revealed that the Dogecoin price was flashing the same pattern that led to the 28,000% surge in 2021. This projected rally to $16 in this market cycle remains possible. Besides Trader Tardigrade, crypto analysts like Ali Martinez have also indicated that Dogecoin can reach this $16 target. 

Martinez stated that the Dogecoin price could rise as high as $23 in this market cycle. He explained that this could happen if the foremost meme coin reached the 2.272 Fibonacci level. 

DOGE To $1 Is Imminent

In the meantime, a psychological short to mid-term target for the Dogecoin price remains at $1, and crypto analyst Master Kenobi has predicted that DOGE will soon reach this target with Bitcoin above $100,000. Based on his recent analysis, Dogecoin’s next leg to the upside could begin anytime now, as it has recorded a consolidation similar to the previous cycle. 

Related Reading: Analyst Highlights XRP Price Prediction From 2022 That Predicted The Rise To $2.8, But There’s More!

Crypto analyst Kevin Capital also alluded to this consolidation period in the previous cycle while suggesting that the next leg up is loading. He noted that in the last cycle when the Dogecoin price had its first major leg up, it consolidated for 24 days after that move before recording another leg up to the macro golden pocket. 

Dogecoin price 2
Source: X

If Dogecoin were to follow a similar path, he predicts that the next leg will start by the end of this week, and the meme coin will begin its rally to the macro golden pocket which is at $3.80 to $4. 

At the time of writing, the Dogecoin price is trading at around $0.43, up over 4% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE price holding $0.44 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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