Analyst Says $5 Dogecoin ‘Loading’ Based on 3 Historical Patterns

Analysts are forecasting a potential breakout for Dogecoin based on the emergence of symmetrical triangle patterns. The price of Dogecoin (DOGE) has risen modestly by 0.68% over the past 24 hours to $0.1957. Despite recent short-term fluctuations, some analysts believe a significant upward move could be imminent. One analyst on X points to the formation of symmetrical triangle patterns in Dogecoin's price chart, suggesting a breakout may be underway. According to CryptoElite’s chart, Dogecoin has formed three symmetrical triangle patterns throughout its history, each preceding a breakout and continuing the previous trend. The first triangle appeared in early 2016, with Dogecoin trading around $0.0001. Following a period of consolidation, the price broke out in late 2017, confirming a bullish trend and surging from $0.008 to $0.017 by January 7, 2018. The second triangle formed after the price dropped below $0.002 in December 2020. After a lengthy consolidation, a breakout occurred in April 2021, propelling the price to $0.40. A pullback followed, bringing the price down to $0.24, before bulls regained control and drove it to $0.73 by May 2021. Dogecoin Current Triangle and $5 Price Forecast The third Dogecoin triangle began forming around mid-2022, with the price bottoming out at $0.05. A breakout occurred in early 2024, with the price reaching approximately $0.22 by March 2024. Another consolidation phase followed, but Dogecoin broke out again in December 2024, climbing above $0.48. Since then, it has fallen to $0.13 but is currently showing signs of recovery. Analysts now believe the ranging phase is complete, and another major breakout could be near. Analyst CryptoElite projects that Dogecoin could surge by as much as 2,450%, potentially reaching $5. https://twitter.com/CryptooELITES/status/1930003304936804698 Rising User Activity Could Fuel Demand Supporting this bullish outlook, data from IntoTheBlock shows a sharp increase in user activity over the past seven days. New addresses rose by 102.40% Active addresses increased by 111.32% Zero-balance addresses surged by 155.44% These metrics indicate growing interest in Dogecoin, often a leading indicator of upward price movement. The rise in new and active addresses suggests increasing demand, which may help drive prices higher. These trends imply that more users are engaging with Dogecoin.

Shared Optimism for Dogecoin Further strengthening the optimistic narrative, crypto analyst Tardigrade recently highlighted a possible bull run for Dogecoin. His forecast is based on a breakout from a base-three pattern within a step-like parabolic curve. According to Tardigrade, Dogecoin could achieve a 2x return, potentially surpassing the $0.50 mark.