If You’re Not Expecting Dogecoin at $5, You Don’t Know Anything: Analyst Says

An analyst has reiterated the possibility of a Dogecoin rally, stating that those who aren’t expecting it to reach $5 “probably don’t know anything.”

Dogecoin (DOGE) is trading at $0.1698, reflecting a slight decline of 0.34% over the past 24 hours. This marks a larger 10.52% decrease over the past week. Despite this downturn, some analysts see potential for higher prices based on historical chart patterns.

For instance, Crypto Elites has drawn attention to the historical patterns of Dogecoin’s price action, particularly focusing on symmetrical triangle formations. These patterns, which typically indicate periods of consolidation, have historically preceded significant price breakouts.

Crypto Elites’ Symmetrical Triangle Analysis

The first notable triangle in Dogecoin’s history appeared in early 2016, when DOGE traded at a mere $0.0001. After consolidating within this symmetrical triangle, Dogecoin experienced a breakout in late 2017, propelling the price from $0.008 to $0.017 by January 2018. This marked the beginning of a bullish trend for the cryptocurrency.

The second triangle formed in December 2020 after Dogecoin’s price dropped below $0.002. After a lengthy consolidation phase, the cryptocurrency broke out in 2021, soaring to $0.080 by February.

Although there was a pullback afterward, which saw the price dip to around $0.052, Dogecoin quickly regained momentum and surged to $0.73 by May 2021, continuing the upward trend.

The Current Triangle and Future Projections

The third symmetrical triangle began forming around mid-2022, when Dogecoin’s price bottomed out at approximately $0.05. The breakout occurred in early 2024, as Dogecoin’s price reached $0.22 by March 2024.

Following this breakout, there was another consolidation phase, but the cryptocurrency once again surged, reaching above $0.48 by December 2024. However, since then, the price has fallen back to around $0.17, although signs of recovery are emerging.

Crypto Elites has continued to emphasize a bullish outlook for Dogecoin, suggesting that a price of $5 is within reach. He boldly asserted that those not anticipating a move to $5 “probably don’t know anything.”

Notably, Dogecoin would need to increase by 2,847% to reach $5 from its current price of $0.17. Moreover, this price level would equate to a market cap of around $750 billion.

ADX and LMACD Indicators Suggest Diverging Paths

Meanwhile, another analyst, Tardigrade, has compared Dogecoin’s current ADX (Average Directional Index) pattern to that observed in 2019 and 2020, before the cryptocurrency’s major rally. A similar setup appears to be unfolding in 2024–2025, with the ADX pattern showing a series of peaks followed by a dip.

As of now, the ADX is rising again, and analysts suggest it could signal a more conservative rally to $4.50.

However, not all indicators point towards a bullish future for Dogecoin. Technical analyst Tony Severino pointed out that Dogecoin’s one-month LMACD (Logarithmic MACD) shows weak momentum.

This indicator measures momentum shifts and indicates that DOGE is experiencing a continued downtrend. Severino compares the current LMACD to the one seen in 2017 and 2022 when the cryptocurrency faced periods of declining momentum. As of now, the LMACD remains negative, suggesting the possibility of further weakness in Dogecoin’s price movement.