Emily Walker
Cryptocurrency expert Trader Tardigrade has brought attention to a bullish trend from 2021 that is currently being mirrored by Dogecoin’s price. This has led to speculation of Dogecoin potentially surging to $16 in this market phase.
Replication of 2021 Bullish Trend in Dogecoin
In a recent post on X, Trader Tardigrade pointed out that Dogecoin is following a similar trajectory to its movement during the 2021 bull market. His illustrative chart highlighted a significant surge in Dogecoin during that time, suggesting the possibility of another substantial price increase, or “god candle,” this cycle which could escalate the price to $16.
Trader Tardigrade expressed confidence that Dogecoin could achieve this target, predicting a price range between $10 and $30 during this phase. He mentioned a possible rise to $30 by March 2025, emphasizing that Dogecoin’s current movements mirror the 2021 bull run more than any other cycle.
Prior to the anticipated Dogecoin breakout, Trader Tardigrade had noted the same pattern that previously resulted in an impressive 28,000% price increase in 2021, suggesting that hitting $16 again is not out of the question. Additionally, analyst Ali Martinez has also commented on the realistic potential for Dogecoin to reach $16, stating it might even climb to $23 if it hits the 2.272 Fibonacci level.
Approaching $1 Milestone for DOGE
Currently, a short to medium-term psychological target for Dogecoin is set at $1. Analyst Master Kenobi forecasts that DOGE will soon hit this level, especially if Bitcoin exceeds $100,000. His analysis indicates that Dogecoin’s upward movement could commence soon, having formed a consolidation phase akin to prior cycles.
Analyst Kevin Capital echoed this sentiment, referencing the previous cycle’s consolidation before Dogecoin’s significant upward move. He observed that after the initial price surge in the last cycle, Dogecoin consolidated for 24 days before entering another upward phase that targeted the macro “golden pocket.”
If this trend continues, Kevin predicts that Dogecoin’s next leg-up could begin by the end of this week, positioning it for a rally towards the macro golden pocket range of $3.80 to $4.
As of now, Dogecoin is trading at approximately $0.43, reflecting a 4% increase in the last 24 hours according to CoinMarketCap.