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Dogecoin

Dogecoin Price Rally: Analyst Says DOGE Is Just Starting, Here’s Why

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

Crypto analyst Philip has asserted that the Dogecoin price rally is only just beginning despite the gain of over 300%, which the foremost meme coin has enjoyed this year. The analyst used technical analysis to explain why DOGE will still go way higher. 

Dogecoin Price Rally Is Still In Early Stages

In a TradingView post, Philip said that the Dogecoin price rally is still in its early stages. Analyzing DOGE’s monthly chart, the analyst noted that the foremost meme coin is still close to the bottom of the cycle and is expected to keep trending upward. He then alluded to a triangle pattern, in which Dogecoin trades within every cycle before it enjoys a parabolic price breakout. 

Related Reading: Analyst Reveals The ‘Truth’ Behind This Dogecoin Price Rally
Dogecoin price rally 1
Source: TradingView

Although this price breakout began at the start of the year, Philip is convinced that it is still in its early stages since this parabolic rally has always led to a new all-time high (ATH). The Dogecoin price has yet to surpass its current ATH of $0.73, which it reached in the last bull run, despite being up over 300% year-to-date (YTD). 

Therefore, Philip expects the Dogecoin price to at least retest its current ATH. Meanwhile, he alluded to previous cycles to predict how high the meme coin could eventually reach in this bull run. He noted that Dogecoin enjoyed a price gain of around 9,000% in the 2016 bull run and a gain of around 50,000% in the 2021 bull run. 

In line with this, he predicts that the Dogecoin price could at least replicate the 9,000% gain in the 2016 bull run and rally to a conservative target of $5. This means Dogecoin could still enjoy a price gain of over 1,000% from its current price level. However, for now, the major focus will be for DOGE to break above its current ATH. 

Crypto analyst Alan Santana also recently stated that the Dogecoin price rally is just, noting that the strong growth that DOGE has witnessed so far signals the beginning of a bullish cycle. 

The Next Stop For DOGE Is $0.88

In an X post, crypto analyst Trader Tardigrade suggested that the next level the Dogecoin price will hit is $0.88. He mentioned that Dogecoin has always witnessed a 2x surge from its previous local tops. In this case, $0.44 marked the current local top for the meme coin. As such, the crypto analyst expects that DOGE’s next local top will be $0.88. 

Related Reading: Shiba Inu Burn Suffers 30% Crash, Will SHIB Price Follow This Bearish Trend?
Dogecoin price rally 2
Source: Tradingview

Meanwhile, crypto analyst Kevin Capital drew the community’s attention to a hidden bullish divergence that was forming on Dogecoin’s 4-hour chart. The analyst added that this is something to keep an eye on.

At the time of writing, the Dogecoin price is trading at around $0.39, up almost 2% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com
DOGE price still holding strong at support | 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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