Crypto analyst Trader Tardigrade has brought attention to a bullish pattern from 2021 that the Dogecoin price is currently replicating. This has sparked speculation within the crypto community about the possibility of the meme coin rallying to $16 in this market cycle.
In a recent post, Trader Tardigrade highlighted the similarities between the current Dogecoin price pattern and the one seen during the 2021 bull run. His analysis suggested that this pattern could lead to a significant price increase for Dogecoin, potentially resulting in a “god candle” that sends the price to $16. He has consistently predicted that Dogecoin could reach this price target in the current bull run, stating that $10 to $30 could be the top range for the meme coin in this market cycle.
Furthermore, Trader Tardigrade indicated that Dogecoin could reach $30 by March 2025 if it follows the trajectory of the 2021 bull run. The similarities between the current market conditions and those of the 2021 bull run have led analysts to believe that Dogecoin may experience a parabolic rally similar to the one seen during that period.
Even before the recent surge in Dogecoin’s price, Trader Tardigrade had identified a pattern that led to a 28,000% increase in 2021, projecting a potential rally to $16 in the current market cycle. Other analysts, such as Ali Martinez, have also suggested that Dogecoin could reach this $16 target, with Martinez speculating that the price could even rise as high as $23 if the meme coin reaches the 2.272 Fibonacci level.
In the short to mid-term, a psychological target for Dogecoin remains at $1, with analyst Master Kenobi predicting that the coin will soon reach this milestone, especially with Bitcoin expected to surpass $100,000. Analyst Kevin Capital also pointed out a consolidation period in Dogecoin’s previous cycle, suggesting that the next leg up is imminent. He believes that Dogecoin could begin its rally towards the macro golden pocket, which is estimated to be between $3.80 and $4.
As of the current writing, Dogecoin is trading at around $0.43, showing a 4% increase in the last 24 hours according to data from CoinMarketCap. The chart from Tradingview.com also indicates that Dogecoin’s price is holding at $0.44.
In conclusion, the crypto community is closely monitoring Dogecoin’s price movements as it continues to replicate patterns from the 2021 bull run. Analysts are optimistic about the coin’s potential to reach new highs, with price targets ranging from $16 to $30 in the near future. Investors and traders are advised to stay updated on the latest developments to make informed decisions regarding their Dogecoin investments.
