Can Dogecoin Price Rally to $12 on Its Next Leg Up? Analyst Weigh In

Interest from traders and analysts in Dogecoin (DOGE) price is increasing after key technical signs were spotted on various timeframes. Notably, the combination of short-term and long-term indicators supports a rise in DOGE price.

Long-Term Chart Cycles Suggest a $12 Dogecoin Price Target

For the past decade, Trader Tardigrade noted that Dogecoin price has gone through the same pattern of accumulation and breakout. At first, the meme coin goes through a consolidation phase that is followed by a sharp price rise.

So far, the analyst has found three cycles, and the present cycle is just starting. Based on the current trend, Tardigrade projected that the price may surge to between $3 and $12 as the cycle progresses.

Using long-range logarithmic models, DOGE price is about to end its third major buying base. Similar developments in 2017 and 2021 started with a drop, recovered, and experienced consistent growth in trading volume. Based on these historical signs, the analyst noted that the current trend may lead to another big rally.

Rounded Bottom Formation Reflects Breakout Structures

On the monthly Dogecoin price chart, a rounded-bottom shape pointed to an accumulation period before a surge. The shape was noticeable during both the 2017 and 2021 rallies.

Consequently, the pattern observed on the existing chart follows the same trend. The price is gradually building up and coming closer to a zone that might lead to a breakout.

For several months, the meme coin has been building a rounded-bottom pattern, suggesting buyers are confident about lower prices. Analysts suggested that this pattern showed Dogecoin price is preparing for a new upward stage. Rising volume suggests that buying activity is increasing as the current market cycle continues.

Dogecoin Price Cycles Suggest Growing Upside Potential

According to Bitcoinsensus, over the years, Dogecoin price has consistently experienced an increase in return cycles. The first step of each cycle is a rise above a descending triangle, and this is soon followed by a multi-month rally.

Furthermore, the initial cycle brought an 80x gain, followed by a 240x gain in the second.  The next cycle may return 140x as per the history.

Moreover, the round-based pattern looks like earlier patterns that led to major breakouts. With DOGE above $0.22 and meme coins attracting attention, the analyst projected it may have a successful rise, possibly even reaching double digits.

Hourly Signal Points to Short-Term Rebound Near Support

On shorter timeframes, Dogecoin price has formed signals that it may start rebounding from support. On an hourly chart shared by analyst Ali Martinez, the TD Sequential has indicated a buy signal near $0.224. Historically, this signal is associated with modest price hikes after the downtrend has ended.

Additionally, stabilization above the $0.224 support level by Dogecoin formed a bullish engulfing pattern. If trading remains above the level, it could lead the asset to test the nearest resistance levels at $0.229 and $0.232. According to the analyst, this advance may lead to further gains once boosted by higher market volume.

Meanwhile, recent analysis showed Dogecoin price may be repeating a historical breakout cycle, supported by rising on-chain activity and technical formations. The price has surged past a multi-year resistance line, with analysts targeting $0.65 based on patterns like the inverse head-and-shoulders.

Additionally, increased address activity and a confirmed breakout signal strong buyer interest. If momentum continues, short-term targets like $0.29 and long-term levels above $0.60 could come into view. At the time of writing, Dogecoin price was trading at $0.22, down 2% in 24 hours.

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