Emily Walker
Crypto expert Philip believes that the surge in Dogecoin prices is only beginning, noting that the meme coin has already experienced a 300% increase this year. He used technical analysis to argue that there is still significant potential for DOGE to rise further.
Early Phases of Dogecoin’s Price Surge
In a post on TradingView, Philip highlighted that the current rally is just the initial phase. Through analyzing DOGE’s monthly chart, he observed that the cryptocurrency is still near the cycle’s bottom and is likely to continue its upward trajectory. He referred to a triangular pattern that Dogecoin tends to form before experiencing a significant price breakthrough.
Although this bullish movement began at the start of the year, Philip is confident it remains in its early phases, as previous rallies have led to new all-time highs (ATH). Dogecoin has yet to surpass its previous ATH of $0.73, despite its impressive yearly gain of over 300%.
Philip anticipates that Dogecoin will at least revisit its ATH. He referenced past cycles, where the coin saw an approximately 9,000% increase during the 2016 bull run and a remarkable 50,000% in 2021. He believes that DOGE could replicate a 9,000% gain, potentially reaching a conservative price target of $5, which would mark over a 1,000% gain from its current standing. Nevertheless, the immediate goal remains for DOGE to surpass its previous ATH.
Another analyst, Alan Santana, echoed Philip’s sentiment, suggesting that the current growth of Dogecoin signifies the start of a bullish phase for the coin.
Future Target for DOGE: $0.88
In a recent post on X, analyst Trader Tardigrade predicted that Dogecoin’s next target price will be $0.88, noting that the coin usually doubles from its past local peaks. Currently, $0.44 is identified as the latest local top, indicating that he expects the next top to be $0.88.
Additionally, analyst Kevin Capital pointed out a forming bullish divergence on Dogecoin’s 4-hour chart, suggesting it’s a trend to monitor closely.
Currently, Dogecoin’s price hovers around $0.39, with a nearly 2% increase over the last 24 hours, as per CoinMarketCap data.