In a detailed technical analysis based on is struggling to regain upward momentum. According to technical analysis, Dogecoin’s price action over the past two years has been highlighted by a back and forth between multi-year trading channels. This observation puts Dogecoin on track to repeat the previous result, which would see its price rise to new all-time highs.
Technical analysis: Replication of past market cycles
Trader Tardigrade noticed a recurring problem Price pattern on Dogecoin’s multi-year time frame that suggests the cryptocurrency could be on track to reach a double-digit price in the future. Analysis based on DOGEUSD monthly candlestick chart shows that Dogecoin has been trading within a defined parallel channel since 2022.
This channel is marked by major market events, including Dogecoin’s explosive all-time high in 2021, the subsequent bear market in 2022 that pushed prices to the channel’s lower trendline, and a noticeable upward trend from 2024.
According to the analyst, this behavior is not a mere coincidence but an indication of the coin’s inherent market dynamics. He pointed to similar price action between 2024 and 2020, where Dogecoin traded in a similar channel before finally breaking out higher in 2021 and reaching its current all-time high. “The same parallel lines (channel) were identified,” the analysis says.
Given this repetition of price action, the previous result could lead to an outcome Range of potential Dogecoin price target in the coming years. As the chart below shows, Dogecoin is still in the middle of the previous cycle, and a similar first phase forecast suggests a bullish price target of $2 in 2025.
Looking beyond 2025: $8 by 2028 and soon double digits?
If the previous channel remains a reliable reference, Dogecoin is expected to do so maintain its upward trend until at least 2028. The analysis suggests that after reaching an initial high of $2, Dogecoin could undergo a significant correction lasting several months before regaining upward momentum and ultimately repeating the explosive rally of 2021.
In this scenario, this would lead to Dogecoin rising to $8 in the next cycle and eventually breaking the trading channel, similar to what happened in 2021. According to the forecast, this will happen sometime in 2028. From here, Dogecoin would then have the freedom to cross the double-digit trading channel before another notable correction occurs. Trader Tardigrade concluded with a simple but powerful message for Dogecoin enthusiasts: “Hodl your $Doge.”
At the time of writing, Dogecoin is trading at $0.329. The first step to an extended bull run would be quick breaks above the $0.4 and $0.5 price levels. However, that is immediate challenge for the bulls is to keep the price above the $0.3 support level.
Featured image created with Dall.E, chart from Tradingview.com