"Analyst Predicts Dogecoin's Next Rally Could Reach $3.69"

Crypto Analyst Predicts Dogecoin Price Could Hit $3.69 In Next Rally: Details

A crypto analyst, Trader Tardigrade, has shared a bullish outlook for Dogecoin (DOGE), predicting a potential price surge to $3.69. The forecast was based on an ascending channel pattern that has been forming on Dogecoin’s monthly price chart since 2014. According to the chart analysis shared on X (formerly Twitter), Dogecoin’s price has been following an ascending channel pattern for over a decade, suggesting the meme coin is on track to reach new highs. Trader Tardigrade pointed out that DOGE has remained within this channel and could be headed toward the upper boundary, aligning with a price level of $3.69.

The analyst’s projection marks a substantial increase from Dogecoin’s all-time high of $0.74 recorded in May 2021. If the forecast materializes, it would represent a price surge of over 14 times from its current trading value of approximately $0.25. Despite skepticism from some traders, revisiting the previous high is seen as a more realistic target. However, historical price movement suggests that DOGE still has the potential for further gains.

Most recently, the analyst highlighted that Dogecoin price had entered the “accumulation zone.” This phase typically represents a period where investors accumulate the asset before a potential breakout. Historical price movements suggest that DOGE has experienced major surges following similar accumulation phases, reinforcing the possibility of a future rally.

Dogecoin continues to gain attention due to its association with Tesla CEO Elon Musk. Recently, Musk introduced a new non-governmental initiative, the Department of Government Efficiency (D.O.G.E.), to control government spending. The name and branding of this initiative directly reference the top meme coin, strengthening its visibility in the market. The official website for D.O.G.E. features the Dogecoin logo, reinforcing speculation that Musk remains supportive of the asset. Over the years, Musk’s endorsement has contributed to major price movements in DOGE.

According to a recent report, DOGE price could hit a 900% surge if historical trends repeat, as suggested by top analyst Ali Martinez. If Elon Musk’s DOGE-related advancements continue to gain traction and a potential DOGE ETF materializes