Crypto analyst Philip believes that the Dogecoin price rally is just getting started, despite the impressive gain of over 300% that the meme coin has experienced this year. Using technical analysis, Philip explains why he thinks DOGE still has room to grow.
In a recent TradingView post, Philip pointed out that the Dogecoin price rally is still in its early stages. By analyzing DOGE’s monthly chart, he observed that the coin is still near the bottom of its cycle and is likely to continue trending upwards. He highlighted a triangle pattern that Dogecoin typically follows before experiencing a parabolic price breakout.
While the parabolic rally began at the beginning of the year, Philip argues that it is still in its early stages because Dogecoin has not yet surpassed its previous all-time high (ATH) of $0.73, reached during the last bull run. Despite already being up over 300% year-to-date, Philip expects DOGE to at least retest its current ATH. He references previous cycles to predict that Dogecoin could potentially reach $5 in this bull run, representing a significant gain from its current price level.
Another crypto analyst, Alan Santana, also believes that the Dogecoin price rally is just beginning. He notes the strong growth that DOGE has seen so far as a signal of a bullish cycle.
Looking ahead, crypto analyst Trader Tardigrade suggests that the next target for Dogecoin is $0.88. Based on historical trends, he predicts that DOGE will experience a 2x surge from its previous local tops, with $0.44 being the current local top. Kevin Capital also highlights a hidden bullish divergence forming on Dogecoin’s 4-hour chart, indicating a potential uptrend.
As of the latest data from CoinMarketCap, Dogecoin is trading at around $0.39, up nearly 2% in the last 24 hours. The community is closely monitoring these developments to see if Dogecoin can break above its current ATH and continue its upward trajectory.
In conclusion, both Philip and other analysts are optimistic about Dogecoin’s future price potential, with expectations of further growth and potential milestones to be reached in the coming months. The meme coin’s rally is still ongoing, and investors are keeping a close eye on its performance in the cryptocurrency market.
