Emily Walker
A crypto analyst known as Tmilnebml has pointed out a promising trend developing in the Dogecoin price chart. He forecasts that the price of DOGE might surge to $4.2 as the popular meme coin progresses into a new bullish phase.
Potential for Dogecoin Price to Reach $4.2 with Fibonacci Spiral
In a post on TradingView, Tmilnebml discussed the Dogecoin Fibonacci spiral, which suggests a possible rise to $4.2. He observed that this spiral is currently in its third iteration, following the golden ratio, and has surpassed recent resistance levels, supporting his price prediction. His analysis indicated that there is a chance Dogecoin could hit $4.2.
The chart suggests that an increase to $4.2 might occur as soon as February 2025, though it remains uncertain if this would represent the peak for Dogecoin. Additionally, another analyst, Ali Martinez, recently suggested that DOGE could not only reach $4 but might also climb to $23 based on Fibonacci retracement levels.
Martinez noted that during previous bull cycles, Dogecoin has often surged to the 1.618 or even 2.272 Fibonacci levels after breaking through the $0.50 retracement mark. Thus, if DOGE attains the 1.618 level, it could hit $4, while reaching the 2.272 level could take it to $23.
Another analyst, Trader Tardigrade, predicts that if Dogecoin mimics the 2016 bull run, it may rise to about $8.7 by August 2025. Furthermore, if it follows the pattern of the 2021 bull run, it could potentially reach as high as $30.
Signs of a Parabolic Surge for DOGE
In a recent post on X, Ali Martinez indicated that DOGE has embarked on a parabolic bull run and shared his reasoning. He noted that significant purchases are being made by Dogecoin whales, who acquired 140 million DOGE (equivalent to $56 million) within just one day.
Moreover, he remarked that retail investors are just beginning to recognize the potential of DOGE, suggesting there is still significant upward momentum as they continue to buy into the meme coin. He also highlighted a trend among crypto enthusiasts favoring DOGE over Bitcoin, which paints a positive outlook for Dogecoin.
Martinez went on to mention that, based on a historical analysis and a parallel channel, Dogecoin’s price could vary anywhere from $2.40 to $23.26. However, he cautioned investors about preparing for sharp price corrections, as past bull runs in 2017 and 2021 have seen corrections between 40% and 84%.
As of this writing, Dogecoin is trading at approximately $0.39, reflecting an increase of over 3% in the past 24 hours, according to CoinMarketCap data.