A market analyst has set a potential timeline for Dogecoin to begin its next leg up, setting ambitious price targets.
Dogecoin (DOGE) has entered an important phase following its impressive rally earlier in November, which saw prices soar to a multi-year peak of $0.48 on Nov. 23. The crypto asset has since experienced a pullback amid a broader market correction.
As Dogecoin now consolidates around $0.45, analysts believe the meme coin is currently building momentum to begin its next uptrend. With bullish momentum building, these analysts expect the next leg up to push DOGE to unprecedented highs.
Dogecoin Golden Pocket Targets $4
Lead Dogecoin analyst Kevin recently highlighted historical trends around Dogecoin’s price behavior. He drew parallels to earlier cycles and observed that after its initial major rally, Dogecoin consolidated for 24 days before embarking on another upward move.
In #Dogecoin previous cycle when it had it's first major leg up it consolidated for 24 days after that move before legging up again to the macro golden pocket. If #DOGE were to follow a similar path that would mean that that the next leg will start by the end of the week and Doge… pic.twitter.com/jIDtfnNXxZ
— Kevin (@Kev_Capital_TA) December 4, 2024
According to the analyst, if the current cycle follows a similar trajectory, he anticipates the next leg of the rally to begin by the end of this week.
He projects a path toward the “macro golden pocket,” which he estimates to be between $3.80 and $4.00. However, Kevin tempered his optimism by acknowledging the ambitious nature of this prediction but maintained that achieving a new ATH by the end of December remains feasible.
DOGE Symmetrical Triangle and Bull Pennant
Meanwhile, market analyst Captain Faibik is also extremely bullish on Dogecoin. In his latest report, he confirmed that Dogecoin has continued to move within a symmetrical triangle pattern since early November.
Interestingly, data from his 4-hour chart suggests that he expects a breakout from this pattern to trigger a massive 55% rally, comparable to previous upsurges. If this scenario unfolds, Dogecoin could reach a new multi-year peak of $0.70 in the short term.
Also, Trader Tardigrade, another market watcher, sees bullish potential for Dogecoin, calling attention to a bullish pennant pattern on the charts.
#Dogecoin Bullish Pennant stays there 🔥$Doge comes to the verge of the Pennant, looking to BREAKOUT soon.
Target: $1.35 🚀 pic.twitter.com/8cckOegKBI— Trader Tardigrade (@TATrader_Alan) December 6, 2024
As Dogecoin approaches the edge of this formation, he predicts an imminent breakout. Tardigrade’s target for the rally is $1.35, a position above the $1 psychological mark. At press time, Dogecoin trades for $0.45, up 4.75% over the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
