Emily Walker
Dogecoin’s price seems ready for a new rally, showing noteworthy activity since January began. After experiencing a downturn during the last two weeks of December, Dogecoin has found its footing again and is nearing the $0.40 mark.
Crypto expert Trader Tardigrade notes that Dogecoin is resembling its behavior from the last bull cycle. Current patterns indicate that this popular meme coin may be on the verge of a significant upswing that could lead to new historical highs in the near future.
Familiar Patterns in DOGE’s Pricing
As it stands, Dogecoin’s price is hovering just under the $0.40 threshold, reflecting an impressive rebound from its drop to $0.267 in mid-December. This decline represented a substantial 45% decrease from its recent high above $0.48 achieved in early December. This peak followed a strong rally that began in October, during which Dogecoin surpassed several resistance levels.
Trader Tardigrade highlighted that the recent 45% drop mirrors a similar experience in 2021. Back then, Dogecoin encountered a temporary slowdown while on an upward trend, marked by a 45.86% retraction. Yet, it swiftly regained upward momentum, resulting in an incredible surge that eclipsed its previous all-time high, ultimately peaking at $0.7316.
Could Dogecoin Reach $6?
Current price dynamics resemble the 2021 price cycle, indicating that Dogecoin could experience another similar surge, potentially breaking its previous peak. Should history repeat itself, projections suggest that Dogecoin could target around $6 by mid-2025.
Currently trading at $0.386, Dogecoin has seen a 22% increase over the last week. To reach the $6 target, Dogecoin would need to achieve a remarkable 1,450% increase from its current position.
For Dogecoin to meet this ambitious price target, several conditions must be fulfilled. These include consistent buying interest from both retail and institutional investors, a rise in whale trading activity, favorable regulatory measures concerning cryptocurrencies, and a revival of social media enthusiasm for meme coins.