Dogecoin Surges 5200% in 2021 Bull Market, Eyes $1.20 Target

Dogecoin (DOGE), one of the oldest cryptocurrencies with a dedicated community, is showing renewed bullish momentum. During the 2021 bull market, DOGE surged by over 5,200%, largely driven by retail interest and Elon Musk’s influence. Now, analysts believe a move past the $0.20 resistance could push DOGE toward a long-term target of $1.20.

According to analysis prepared by Crypto NL, Dogecoin is holding support on a long-term rising trendline, which has remained intact for over 18 months. This trendline has been tested several times and has repeatedly resulted in short-term rebounds, with the most recent occurring near the $0.16 area. The price continues to follow a pattern of higher lows, suggesting that buyers are stepping in on dips.

Trader Tardigrade also noted a hidden bullish divergence on the hourly chart, marked by higher price lows and lower RSI readings. This pattern typically signals a continuation of the uptrend. Additionally, DOGE formed a double-bottom on the weekly chart, with support holding near $0.142. If the neckline at $0.26 is broken, the pattern’s target points to $0.47.

Volume has remained stable, and momentum indicators such as the MACD and ADX are showing favorable conditions for a possible move upward. The RSI is also turning upward but remains below 50, indicating space for more buying activity to develop.

Speculation around a possible Dogecoin ETF continues to grow. According to Coinglass and Polymarket data, 74% of traders now believe an ETF approval could arrive before year-end. A recent amended filing by Bitwise has added to this optimism.

At the same time, Trader Tardigrade’s long-term analysis compares the current DOGE pattern to its 2015–2018 cycle. If the pattern holds, DOGE could target $1.20 and possibly reach as high as $4.00. At the time of writing, Dogecoin is trading at $0.1622.