As the market sell-off subsides, an analyst highlighted historical trends and technical indicators to argue for a timeline for Dogecoin to reach $8.
Dogecoin’s price regained stability on Thursday following a 14% decline over the past two weeks. Currently trading at $0.337, DOGE posted a 1.96% gain over the past 24 hours but showed a slight 0.65% drop over the past week.
As the market sell-off eased, an analyst pointed to historical cycle patterns and technical indicators that could signal long-term growth potential for Dogecoin.
Historical Cycles Taking Dogecoin to $8
Trader Tardigrade, a crypto analyst on X, highlighted Dogecoin’s historical price cycles within a recurring rising channel. The analysis identified a significant upward movement in the past, marked by a green arrow on the chart.
As seen on the chart, in 2017, Dogecoin surged from $0.00015 to approximately $0.038. The analysis suggests that the current price action falls within this channel. Accordingly, the analyst projected two key price targets for Dogecoin based on the historical trend.
Trader Tardigrade predicts a potential peak of $2 in 2025, while further growth suggests a target of $8 by 2028. He described the targets as a reasonable expectation for the meme coins.
Notably, these updated price targets are a revision from Tardigrade’s earlier analysis that proposed $30 for Dogecoin for this cycle.
Not the Right Time to Sell DOGE
In addition to long-term projections, Trader Tardigrade earlier emphasized that Dogecoin’s recent retracement is a retest of critical levels. The analyst pointed to the crypto breaking out of an ascending triangle pattern on January 3, when it crossed the structure’s base at $0.3435.
The bullish momentum carried Dogecoin to a yearly peak of $0.3989 four days later before it retraced to retest the triangle’s apex.
This technical behavior supports the analyst’s view that the retracement does not signal a sell-off but rather a continuation of bullish momentum. The pattern suggests Dogecoin may consolidate before resuming its upward trajectory.
In the chart presented at the time, the analyst projected that Dogecoin could surpass its previous all-time high of $0.7488 to aim for levels near $0.95.
Large Holders’ Are Still Accumulating
Data from IntoTheBlock further substantiated the bullish outlook, revealing a surge in large holder inflows over the past three months. Over the 90-day period, cumulative inflows rose by 3,722%, indicating significant accumulation by whales.
This trend aligns with a 323% increase in inflows over the last 30 days and a modest 5.33% rise over the past week. The accumulation activity by large holders is a critical factor contributing to reduced market supply, which typically exerts upward pressure on prices.
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.
