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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Crypto Analyst Predicts When Dogecoin Price Will Hit $3 This Cycle

Scott Matherson
Scott Matherson
8 months ago
3 mins read
Dogecoin

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Dogecoin has cleared the $0.4 mark again after a few days of interesting price inflows that have caused its price to rebound notably from $0.31. This strong upward movement has allowed Dogecoin to reverse the price losses it incurred in the previous week.

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Furthermore, this recent rally has positioned Dogecoin back on track for further upward movement, and the next outlook is price targets to expect in the case of a continued rally henceforth.

A technical analysis on the TradingView platform highlighted a compelling comparison between Dogecoin’s current price movements and its historical patterns to predict a significant rally that could bring Dogecoin to $3 this cycle. 

Dogecoin’s Consolidation Mirrors January 2021 Rally

The technical analysis in question looks at Dogecoin’s price action from a long-term perspective by analyzing formations on the weekly candlesticks. Interestingly, the weekly candlesticks show Dogecoin has been consolidating just below the $0.5 price level in a downward and upward movement throughout the past six weeks. 

The analyst highlighted that Dogecoin’s recent consolidation is almost an exact replica of a similar behavior above the 1-week moving average (MA50) in January 2021. This symmetrical positioning in time relative to the previous market cycle adds credibility to the argument that Dogecoin is following a cyclical pattern, which has been proposed by various analysts through multiple technical analyses.

Back in 2021, the cryptocurrency transitioned from a period of accumulation to explosive growth, generating returns of over 3,600% from its bottom.

Expanding on this cyclical pattern, the analyst highlighted another similarity in Dogecoin’s price rally in Q4 2024. Dogecoin’s price has risen by approximately 480% since its August 2024 bottom, a figure that matches the 480% increase observed during the November-December 2020 period.

DOGE is currently trading at $0.39. Chart: TradingView

Following that initial phase 1 surge in 2020, Dogecoin entered a consolidation phase in January 2021 before starting phase 2 of its rally. The current consolidation, therefore, appears to mirror this historical sequence and lends voice to a prediction that Dogecoin may be on the verge of repeating its past performance.

Phase 2 Target: A Path To $3

Based on the historical precedent, the analyst anticipates that Dogecoin’s “Phase 2” could bring a rally of 3,600%, similar to the cycle observed in early 2021. In terms of a price target, the projection is a 3,600% increase from the August 2024 low, which would bring Dogecoin towards the $3 mark. The timeframe for this price target is as early as the next three weeks, though the analyst noted that it could occur much later than that.

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At the time of writing, Dogecoin is trading at $0.3947, although it recently traded at an intraday high of $0.4334. A move to $3 would represent a 777% increase from the current price. 

Featured image from VOI, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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