Dogecoin’s (DOGE) price action appears to align with a historical pattern, with analysts predicting a potential surge to $1.50 by the end of Q1 2025.
Notably, TradingShot, in a recent analysis on TradingView, identified striking similarities between Dogecoin’s current consolidation phase and its accumulation period from January to February 2024.
These similarities suggest that DOGE may be setting up for another major rally in the coming months.
Picks for you
Historical patterns indicate an accumulation phase
Following a sharp 45% decline from its December 8 high, Dogecoin has been trading sideways for over a week, struggling to reclaim its 50-day moving average (1D MA50). However, this phase, as noted by the analyst, is characteristic of typical accumulation periods seen during bull cycles.
To build on this observation, TradingShot highlights several key technical factors that reinforce the likelihood of a turnaround. These include a breakdown below the 1D MA50, oversold relative strength index (RSI) levels hovering near 34, and strong support at the 200-day moving average (1D MA200).
Together, these indicators suggest that Dogecoin could be laying the groundwork for its next major move.
This setup, as TradingShot notes, bears a striking resemblance to early 2024, when Dogecoin underwent a similar accumulation phase following a 1D Golden Cross.
Back then, a two-month consolidation period led to a parabolic rally, driving DOGE to the 3.0 Fibonacci extension level. Analysts now predict DOGE could mirror its historical trends, with projections indicating the cryptocurrency may climb to $1.50 by March or April 2025.
More bullish projections
Supporting the bullish outlook, Trader Tardigrade’s analysis highlights that Dogecoin is following a fractal pattern similar to its previous cycles, with the price respecting its long-term trendline.
The identification of a local bottom further reinforces this perspective, pointing to key interim targets at $0.50, $1, and $1.50, with the possibility of extending to $3.20 as momentum builds.
The convergence of these analyses strengthens the bullish case for Dogecoin, provided it holds critical support levels and successfully breaks through key resistance zones.
Taking an even more ambitious stance, analyst Ali Martinez, as reported by Finbold, projects a potential surge of 6,770% for Dogecoin.
This would translate to a staggering price of $22.11 if the cryptocurrency continues to follow the ascending channel pattern identified in its historical trends.
DOGE price analysis
At press time, Dogecoin was trading at $0.31179, marking a 2.56% decline over the past week and a steep 26% drop over the past month.
Despite this short-term dip, DOGE has demonstrated remarkable growth since the start of the year, rising from approximately $0.092 to $0.15 by early November, a 63.04% increase.
While technical indicators hint at the potential for further gains, Dogecoin’s immediate challenge lies in breaching the critical $1 mark, a key psychological and technical milestone that could pave the way toward its broader projection of $1.50 by Q1 2025.
Featured image via Shutterstock
