Despite the ongoing Dogecoin price struggles, a market analyst believes the meme coin is still in a bull season, anticipating another run.
Notably, Dogecoin has been performing terribly on the back of the market-wide turbulence that has seen several altcoins tumble. DOGE has collapsed nearly 40% since Jan. 18, when the market started observing declines after a few days of an uptrend.
Dogecoin Still in “DOGE Season”
Nonetheless, this turbulent period is only temporary, according to renowned market commentator Trader Alan. Interestingly, the analyst is confident that Dogecoin is still trading within its bull season amid the price drawdowns, suggesting that a period of upsurge is imminent.
In his latest report, Alan suggested that the meme coin is still within what he calls the “DOGE season,” urging investors to take it seriously. “You can’t chase it once it starts moving,” Alan quipped, implying now might be the opportune time to enter the market.
He supported this outlook with data from the 3-day Dogecoin chart, with historical data seemingly confirming his sentiments. Particularly, Dogecoin appears to enter into a period when it witnesses extreme price explosions during a bull run. Alan calls this period the “DOGE season.”
Historical Dogecoin Performance
The first time this popped up was during the 2017/2018 market-wide bull run. During this time, Dogecoin rallied from a price of $0.00021 in February 2017 to a peak of $0.0187 in January 2018. This marked an 8,804% upsurge within a year.
After this, Dogecoin became a victim of the broader market’s downside as the bear season took shape from 2018 to 2020. For context, the meme coin gave up the previous peak of $0.0187 from January 2018, collapsing to a low of $0.00266 by November 2020.
Interestingly, as the bull market resurfaced in late 2020, Dogecoin again slipped into the “DOGE season.” Specifically, the altcoin rallied from the $0.00266 low of November 2020 to the latest all-time high of $0.74 in May 2021. This was a more substantial 27,719% uptick, buoyed by social mentions from Tesla CEO Elon Musk.
After the $0.74 top, another bear market followed, with Dogecoin collapsing to a floor price of $0.0569 by October 2023. However, the asset entered into a third DOGE season from last November, as it staged a massive recovery following the U.S. presidential election.
Dogecoin Retracement Only Temporary?
Now, with Dogecoin facing a retracement, Alan insists the DOGE season is not yet over. An interesting fact is that the current pullback faced by the meme coin was also present in the two previous instances of the DOGE season. However, after a few weeks of a downturn, Dogecoin recovered to new highs.
Alan builds on this, suggesting a repetition is in the works. While he does not specifically mention a price target, data from the chart shows a potential push to the $2.2 price mark. This would represent a 3,766% rise from the October 2023 floor of $0.0569, lower than previous rallies.
Notably, other analysts have also projected Dogecoin to reach $2.2. Last month, Javon Marks suggested an upsurge to $2.29 was imminent. Currently, Dogecoin changes hands at $0.2544, requiring an over 764% increase to reach the $2.2 price level.
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