As Dogecoin attempts to stage a comeback after consecutive bearish trends, some analysts believe that the next rally could trigger a surge of over 1,000%.

Dogecoin's price has increased by 1.81% in the past 24 hours, trading at $0.3560. At this price, the meme coin is trading at an 11% discount compared to the higher levels it reached earlier this week.

Amid this subdued price action, trader Alan shared an optimistic outlook for Dogecoin holders on X. Specifically, he pointed out that the next Dogecoin rally could not only breach the $1 mark but also reach $4.

He cited a chart, indicating that the market had witnessed the current Dogecoin pattern in the early stages. Alan explained that he set the $4 target based on the trend - based Fibonacci 1.618 extension level.

 

Notably, the chart highlights a recurring consolidation pattern since mid - 2023, followed by breakouts. The breakout in late 2023 initially pushed Dogecoin's price above $0.1050 in December 2023, after months of trading below that level.

However, it briefly consolidated before resuming the rally. Dogecoin reclaimed an annual high above $0.22 in March 2024, and then consolidated again. The peak reached during this breakout period aligned with the 1.618 Fibonacci level. In context, the entire rally from $0.0578 in October 2023 to $0.2266 in March 2024 caused Dogecoin's price to soar by 292%.

Meanwhile, the subsequent consolidation phase lasted approximately eight months until Dogecoin rallied again in November 2024. This rally saw Dogecoin hit $0.4850 in December, followed by weeks of consolidation and a correction to previous lows.

Analysts like Trader Alan believe that the completion of the pattern starting from the end of 2024, replicating its past price action in 2023/2024, could drive Dogecoin to a peak of $4, in line with the Fibonacci 1.618 level.

 

In a separate market commentary, market commentator Kamran Asghar pointed out that Dogecoin has formed a bull flag pattern on its 2 - day chart. According to Asghar, this pattern indicates a potential target price of over $2 for DOGE. Notably, the bull flag is a continuation pattern, suggesting a strong upward move is likely to occur after consolidation.

Essentially, analysts believe that through these technical formations, DOGE could experience a significant rally by mid - 2025. Other market observers have even used different technical observations to predict double - digit price targets for Dogecoin this year.

 

While these predictions are based on technical patterns, Dogecoin has also seen a new fundamental factor that could further boost its price when the bull market returns. This week, at least two asset managers in the cryptocurrency community announced their intention to list a Dogecoin ETF. Some market commentators believe that this development could help Dogecoin's price reach $15.