Dogecoin (DOGE) has struggled to shift to an upward trajectory over the last one month with the price dropping over 30% in that time frame. However, over the last 7 days, the coin has recorded over 6% indicating that it has not lost its potential in the crypto market and could rebound soon.
Based on historical and technical data, analysts have predicted that DOGE is set to experience a trend shift in the near future. This could send the memecoin to a bullish rally for the rest of the year. One key analyst recently predicted over 701% pump which could push Dogecoin above the $2 price level.
Dogecoin’s Historical Performance Points to $2.28758+
In a recent post shared on X by crypto analyst Javon Marks, Dogecoin could be destined for a surge despite the recent price struggles. According to Javon, “Dogecoin’s numbers and historical performances suggest that $2.28758+ can be levels that prices are set to go and meet.”
Looking at the previous cycles, Dogecoin experienced a similar trend to the current one before pumping. For instance, in cycle 1 which happened between 2014 and 2017, the price surged over 6,000% reaching a peak of $0.0175. In cycle 2 which happened between 2018 and 2021, the price of DOGE rose by 36,400% to $0.73. This marked an all-time high which stands to date.
In the current cycle (cycle 3), the price of Dogecoin could rise over 701% to $2.28758 according to Javon. However, for this to happen there must be favorable market conditions.
What Are Other Analysts Saying About DOGE?
According to crypto analyst Ali Martinez, Dogecoin is set to rally upwards. This is clearly indicated by the pull back to the $0.618 Fibonacci retracement level. Often, this level is referred to as the “Golden Ratio” and is a zone where bullish reversal frequently occurs.
The current price falling in this level means that we could see DOGE shifting upwards if this level is maintained. Additionally, a strengthened bullish reversal signal will emerge if the prices start moving upwards with increased trading volume.
Based on analysis by Trader Tardigrade, Dogecoin has formed the “Adam and Eve Pattern.” This is a unique reversal pattern that is quite obvious in a downward price trend and is often considered to be bullish.
As seen on the chart shared by Tardigrade, DOGE formed the Adam valley with a sharp rebound and the second valley (Eve) with a round bottom. In case the price breaks above the neckline (the line connecting the two valleys), a trend shift from downtrend to uptrend will be experienced.
Dogecoin’s Price Performance and Technical Outlook
Data on Coinmarketcap as of the time of this writing shows that Dogecoin is currently trading at $0.2727. This price indicates a 2.07% decline since the Sunday Feb. 16, 2025 session started.
Trading activity around the coin has also dipped in the last 24 hours. Currently, DOGE has a trading volume of $1.32 Billion marking a 48.31% dip. For the market capitalization, it has dropped to $40.38 Billion following the current price drop.
Looking at Dogecoin’s technical indicators on TradingView, the price of Dogecoin might experience a pullback dropping below the current level. For instance, the RSI which stands at 79.08 shows that the coin is overbought. This may be due to the price rising too quickly. Hence, a pullback is imminent as traders will start selling their coins in fear of a price drop.
The MACD confirms bullish momentum since the blue line at 0.000055 is above the signal (orange) line at 0.00039. The histogram is also positive, further supporting upward price movement.
Traders should follow Dogecoin’s price movement and technical indicators closely before making their moves. The DOGE memecoin is highly volatile and anything can happen in the market.
This news is republished from another source. You can check the original article here
