Dogecoin's Price Retest Sparks Major Uptrend Speculation
1min read Dogecoin's price has returned to a key local peak, sparking speculation about a potential major uptrend. After struggling to maintain the $0.20 price level in the past 24 hours, Dogecoin's price action has been characterized by a pattern that has historically preceded rallies for the meme coin. This recent price crash aligns with a pattern that has preceded rallies for DOGE, with the meme coin essentially re-visiting its previous local peak.
Crypto analyst Trader Tardigrade has provided a bullish perspective, arguing that Dogecoin's current price action fits within a well-established pattern that has historically preceded major rallies on higher timeframes. As noted by the analyst, Dogecoin's price has pulled back to trading around the $0.22 level, which is only a retest of its local peak after the rally in the first three months of 2024. Interestingly, the meme coin's latest movement to $0.22 follows a larger correction from its December 2024 high of $0.475.
This isn't the first time that Dogecoin is revisiting its previous local peak this cycle. According to Trader Tardigrade's analysis, Dogecoin tends to revisit former peaks before entering a sustained rally. The most notable revisit of a local peak was in Q3 2024, when Dogecoin retraced to around $0.095 after its peak of $0.22 in April 2024. This retracement to $0.095 in Q3 2024 was also a revisit of its December 2023 peak price. It continued to hover around $0.095 between July and September 2024 before surging toward $0.48 in Q4 2024. Therefore, if history repeats itself, the current consolidation phase around $0.22 could last for several weeks before the next leg up.
The current return to the $0.22 price zone suggests that Dogecoin may trade within this range for the next few months before another breakout. As such, the Dogecoin price may continue to range between $0.20 and $0.22 until May 2025. However, it might not take that long for 