According to a recent analysis by cryptocurrency analysts, the price of Dogecoin seems set for a significant increase. Trader Tardigrade, an analyst, has revealed a bullish pattern that could potentially drive Dogecoin up to $5.

 

In a post on X, Trader Tardigrade predicted that the price of Dogecoin could skyrocket to $5. He pointed out that Dogecoin is about to complete its final stage of a bull market. The cryptocurrency analyst added that the Chande Momentum Oscillator (ChandeMO) indicates that DOGE still has a long way to go before reaching its peak in this cycle.

The attached chart by the cryptocurrency analyst shows that the price of Dogecoin could potentially rise up to $5 according to the ChandeMO indicator. In this market cycle, there is even a possibility that the most important meme coin could further increase to $9. Trader Tardigrade continued to provide a bullish outlook for the meme coin in his analysis, suggesting that DOGE could indeed witness a parabolic rally.

 

Prior to this, the cryptocurrency analyst mentioned that the price of Dogecoin was in line with the $50 Arnaud Legoux Moving Average (ALMA). He further pointed out that this pattern was completely in sync with the last cycle from 2018 to 2020. Based on this development, he added that DOGE is in the midst of a surge.

 

The cryptocurrency analyst had previously predicted that the price of Dogecoin could reach double digits within this market cycle. According to him, if the meme coin mirrors the 2021 bull market cycle, it could rebound to $30. At the same time, he forecasted that if DOGE reflects the 2017 bull market, it could rebound to $8.7.

 

In a post on X, cryptocurrency analyst Kevin Capital revealed that the price of Dogecoin has officially closed above the Macro.786 Fibonacci level on the daily candlestick. In line with this, the cryptocurrency analyst said that the goal now is to see the continuation of the upward trend. He added that if this happens, then the previous high of around $0.48 in the Macro Golden Pocket is the next target.

 

The cryptocurrency analyst had previously disclosed that the price of Dogecoin closed above a daily descending wedge pattern on a candlestick and mentioned that $0.41 was the next important price level. As suggested by the cryptocurrency analyst, with Dogecoin reaching this level, the target of $0.48 is the next level to watch.

 

In a post on X, cryptocurrency analyst Crypto Giant stated that the price target for Dogecoin is $0.66. He said that DOGE will take off after breaking the symmetrical triangle. The cryptocurrency analyst added that a bullish momentum is building up.