Dogecoin has often shown its ability to exceed expectations, and from time to time has seen significant price increases. The most notable of these rallies is the one in 2021, the year Dogecoin reached its current historically high level. However, the best may be yet to come, as technical analysis shows that Dogecoin is still expected to repeat this trend, and may even surpass it.

In particular, recent Dogecoin fractal analysis suggests that Dogecoin is expected to reach a price between $4 and $23 in the foreseeable future.

Over the past four weeks, Dogecoin's price movement has slowed significantly. Two of the four weeks ** saw significant declines, culminating in the price of Dogecoin falling below the multi-month resistance level of $0.35 that was breached in early November.

According to a technical analysis by cryptocurrency analyst Ali Martinez, Dogecoin is currently showing a fractal movement on a weekly candle chart. In technical analysis, fractals refer to repeated patterns that occur on different scales and time scales. For Dogecoin, this fractal movement dates back to its early days as a meme coin in 2013 and provides a historical perspective to predict its current trajectory.

As the price chart below shows, after breaking the downtrend line drawn from the highs of the previous cycle, the fractal movement is highlighted by a clear correction. For this cycle, the correction has taken Dogecoin from its recent high of $0.48 to a low of 45.8%. However, as the chart below shows, the corrections of the past two cycles eventually rebounded and created a strong multi-month rally to record highs.

During the first breakout cycle in 2017, Dogecoin experienced a similar move. After an initial break and correction, the cryptocurrency began a parabolic rise, eventually peaking at $0.01855 in early 2018.

This peak is very close to the previous bear market low of 1.618 Fibonacci extension level. The second breakout cycle occurred in 2021 and led to even more dramatic price increases. Dogecoin hit an all-time high of $0.7316, surpassing the previous bear market low of 2.72 Fibonacci extension level.

Based on the results of previous price action, the current fractal pattern suggests that Dogecoin may be setting the stage for a similar rally in the coming months. The extent of the rebound also depends on the extent of the current correction. If the fractal breakout repeats itself, the Dogecoin price could see another parabolic rally to the 1.618 or 2.272 Fibonacci extension levels, or somewhere in between.

According to Martinez, this would put the target price between $4 at the 1.618 Fibonacci extension and $23 at the 2.272 Fibonacci extension.

As of now, Dogecoin is trading at $0.326. A rise to $4 would mean a 1,126% increase in its price from the current price, while a rise to $23 would mean a 6,955% increase in its price.