- Analysts predict Dogecoin will cross $20, in comparison with its 90X bull run in 2017 and 306X bull run in 2021.
- A multi-year rising parallel channel signifies a bullish price target for Dogecoin at $15, confirming long-term growth potential.
- Despite recent dips, Dogecoin’s long-term trends and technicals foretell a significant breakout in store for it.
Dogecoin (DOGE) gained momentum, with analysts predicting a sharp price boost following past trends in the market. DOGE’s bull runs in the past have hinted at an exponential rise in the future, possibly taking its price over $15, even $20 per coin, according to analysts Ali and Javon Marks.
Historical Trends Suggest a Vigorous Bullish Prospect
Javon Marks analyzed Dogecoin’s performance in the past, with high rallies in previous bull cycles. DOGE rose 90X in 2017 and over 306X in 2021. He discussed a steady rise in both bull runs, with a potential for an even larger rise in the next bull run. As per this, DOGE can see a rise of over 306X in its current run, with its price exceeding $20, assuming a similar pattern holds.
This analysis suggests Dogecoin’s historical behavior of accumulative and breakout phases can repeat, and a meaningful price move is then likely. However, no past performance can ever guarantee future performance, and a variety of factors can affect actual performance.
Technical Analysis Indicates a $15 Target
Crypto analyst Ali shared a contrasting view, citing DOGE trading in a multi-year long-term ascending parallel channel. In technical analysis, such a shape signifies a bullish price target at $15. Long-term momentum in an ascending channel shape continues, backing a high price rise potential.
The pattern reveals that, with a sustained trend, Dogecoin can go towards $15 in future market cycles at a slow but constant pace. Ali, nevertheless, emphasized that significant resistance and support will make a contribution in between, dictating price actions.
Current Market Performance and Outlook
At the time of writing, Dogecoin exchanged at $0.2471, with a 24-hour trading value of $1.83 billion. In 24 hours, its value has dropped 3.64%, and in a week, 25.60%. In contrast, despite a short-term drop, its long-term picture is positive, with its long-term trends and technical analysis holding out hope for a future bullish break. While these predictions depend on trends and technical analysis in the past, future direction will rely on current market conditions and external factors for Dogecoin.
