- Experts predict Dogecoin could surge 700%, supported by bullish technical patterns and historical parallels to its 2021 rally.
- Key breakout levels and momentum indicators suggest Dogecoin’s rally could begin next week, with ambitious price targets of up to $23.
Historic patterns suggest Dogecoin could be on the brink of a monumental rally, with market expert Ali Martinez forecasting a potential 700% surge as early as next week. This aligns with a CNF report suggesting Dogecoin (DOGE) could breach a crucial resistance range, setting a new all-time high as the U.S. presidential inauguration approaches.
Drawing comparisons to its 2021 performance, Martinez highlighted a similar retracement pattern. In a recent tweet, he noted that Dogecoin dropped 56% from its December 2020 high before surging 700% in late January 2021. This year, the meme coin has retraced 46% from its December peak, fueling speculation of a repeat rally.
In the last bull cycle, #Dogecoin $DOGE started its second leg up during the week of January 25, 2021, following a 56% price correction.
Over the past few weeks, #DOGE has experienced a 46% correction. If history repeats, the next leg up could kick off as soon as next week! pic.twitter.com/aewTFfJvig
— Ali (@ali_charts) January 16, 2025
In the previous bull market, Dogecoin’s second major rally began during the week of January 25, 2021, following its steep 56% price drop. Now, with a 46% decline in recent weeks, analysts believe an upward trend could begin as early as next week.
Momentum Builds as Key Levels Are Tested
Additional technical indicators support the bullish outlook. Analyst Trader Tardigrade identified a falling wedge breakout on Dogecoin’s daily chart—a pattern that often signals a strong upward move. With the relative strength index (RSI) aligning with bullish momentum, Dogecoin could aim for a short-term target of $2.
Martinez projects an even more ambitious range, suggesting the token could soar between $4 and $23 if cyclical trends hold.
Current Performance and Outlook
Analysts also have emphasized that sustained trading above the wedge breakout level is key for reaching higher targets. If Dogecoin confirms its breakout, it could reclaim its position as the leader among meme coins, launching into a new phase of price discovery.
Though DOGE trails behind assets like XRP and Cardano, which grew by 46% and 22%, respectively. Currently, Dogecoin trades at $0.3808, down 1% on the day. As of now, Dogecoin is trading at $0.3875, reflecting a 2.21% increase over the past day and a 16.22% rise in the past week, according to Coin Market Cap.
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