Dogecoin is showing similarity with its first full bull cycle, and a full mirror could send the meme coin surging to unprecedented prices.
October ends today, and Dogecoin is deep in the red. The largest meme coin by market cap has corrected 20% since the start of this month, a stark contrast to its 41% growth in October 2024, 10% gain in October 2023, and 105% surge in October 2022.
8-Year Dogecoin Pattern Reincarnated
Amid the predominant bearishness, analyst Trader Tadrigrade has identified the similarities between the current price development and the one from Dogecoin’s first bull cycle. He drew this conclusion from his analysis of the DOGE 2-month chart.
Specifically, he highlighted that Dogecoin trended within a symmetrical triangle for over a year before a breakout to unprecedented prices. This happened between January 2016 and February 2017, with the token breaking out in March 2017. Following the outburst, it rallied an impressive 6,366% from $0.0003 to a high of $0.0194 in January 2018.
Before the symmetrical triangle formation, DOGE had a period of price depression, which the analyst marked in red in his accompanying chart. Interestingly, a similar consolidation was also noticed during the 2022 and 2023 bear market, strengthening the correlation.
Dogecoin entered its current triangle in late 2024 and has since developed within the structure. Notably, prices are tightening, and DOGE has filled the symmetrical triangle, sparking optimism for an imminent breakout.
Target Upon Breakout
Tardigrade deems this pattern bullish for Dogecoin, projecting an explosive price move upon breakout. Specifically, the chart shows a possible push to around $3.90, aligning with the first breakout target in 2018. The token trades at $0.18 at the time of writing, and this move would mark a 2,066% rise.
However, DOGE could rally higher. The chart indicates a potential surge toward an ambitious $48 price target. The 26,566% moonshot will increase the market cap of Dogecoin to $7.27 trillion if its circulating supply remains at 151.57 billion tokens, which is somewhat unrealistic for a meme coin.
Nonetheless, this is not the first ambitious price prediction for Dogecoin recently. JezzaBTC shared last month that Dogecoin could rally to $18, citing a recurring pattern in the coin’s chart. He believes that this move would make many holders wealthy, but it remains very unlikely.
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