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Dogecoin

Analyst Says To Expect Dogecoin Price At $5 This Cycle

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

A bold new forecast is calling for Dogecoin to reach an astonishing $5 price level this market cycle. The claim, shared on the social media platform X, is backed by a visual chart analysis that illustrates a repeating pattern of consolidation and breakout phases in Dogecoin’s price movements since its launch. Drawing from the price action in past cycles, the analyst argues that the memecoin is once again preparing for an explosive price action that could see it surging well above the $1 price level.

Repetitive Patterns Say Breakout Is Brewing For Dogecoin

According to crypto analyst CryptoELITES, Dogecoin’s price chart has a repeating structure of symmetrical triangle formations, each followed by vertical price surges. The chart, which plots Dogecoin’s historical rallies from its early price history to the present day, highlights three distinct triangle breakouts that led to interesting price peaks. 

Related Reading: Dogecoin Price Flashes Similar Patterns To 2020 Before The 36,000% Bull Run

Each rally began with a symmetrical triangle consolidation phase that was followed by a breakout to the upside. The first of these patterns ended with a price spike to around $0.002. The second triangle formed over a longer period and eventually drove Dogecoin to roughly $0.013. At the time, the rally laid the groundwork for retail interest in the meme coin niche.

The third breakout, however, was the most iconic. Following months of sideways movement within a tightening symmetrical triangle, DOGE exploded upwards and peaked at $0.7316 in May 2021. That rally was on the back of social media hype and a FOMO that transformed Dogecoin from a meme cryptocurrency into one of the largest cryptocurrencies by market cap.

Dogecoin
Source: CryptoELITES on X

This peak at $0.73 was followed by a bear phase of consolidations in another symmetrical triangle that eventually broke to the upside last year. Interestingly, the breakout has stalled and has led to a correction in recent months, but this is all part of a similar playout in previous cycle breakouts.

Keeping the possibility of a continuation in mind, crypto analyst CryptoElites projected a similar run to the 2021 bull rally. Particularly, the analyst drew a bold projection arrow extending from the current price action to the $5 mark. According to the analyst, “If you’re not expecting $5, you probably don’t know anything.”

$5 Price Target For DOGE

Reaching $5 per Dogecoin would be nothing short of monumental for the cryptocurrency. Based on Dogecoin’s circulating supply of approximately 149 billion tokens, a $5 price target would imply a market capitalization above $720 billion. That figure would place Dogecoin just behind Bitcoin in terms of market cap, overtaking Ethereum’s current market cap by a wide margin.

Related Reading: When Will The Dogecoin Price Hit $1 In 2025? Machine Learning Algorithm Answers

Such a Dogecoin valuation would require a high level of participation from both retail and institutional investors. Although this price target may appear ambitious, DOGE has defied expectations before. Its 36,000% rally in the 2020 to 2021 bull cycle serves as a reminder of the explosive force of retail momentum. At the time of writing, Dogecoin is trading at $0.168 after breaking below $0.17 again in the past 24 hours.

Dogecoin
DOGE trading at $0.17 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, 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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