Dogecoin has a large share of the current cycle moves sideways, largely left the long-term chart defined by a downward trend. However, a technical examination of Dogecoin’s previous market cycles, where similar periods of compression preceded excessive price expansions, points to instances where Dogecoin could reach price targets somewhere between $10 and $20 in the current cycle.
How Dogecoin performed during previous Alt seasons
A recent technical analysis divided by crypto analyst Javon Marks on social media platform
Related reading
Looking back at previous market cycles, Dogecoin has seen some of the biggest rallies even within the volatile world of cryptocurrencies. During the first big run of the alt-season, Dogecoin rose over 9,000% from its base, reaching a new peak of $0.015 in early 2018. At the time, this rally surprised many doubters, considering that Dogecoin had no inherent value at the time and was the first mover in a meme coin niche.
What followed in the next cycle was even more extreme, with the second major expansion delivering gains of around 28,000% in 2021. This rally was enough to establish Dogecoin’s reputation as the king of the meme coins, and the all-time high of $0.73 it reached then has yet to be broken.
The chart that followed Marks’ analysis shows that each rally began after extended periods of Dogecoin being largely stagnant and trading sideways.
What a 9,000% or 20,000% move means for DOGE
Applying these percentage gains to Dogecoin’s current price range yields striking numbers that a breaking beyond the expected $1 level and even above double digits.
Related reading
A move comparable to the first big rally in the other season, about 9,000%, would distribute Dogecoin the $10 price level. A repeat of the second cycle’s performance would push the price much higher. up to $20.
These are ultra-bullish targets that seem unrealistic based on Dogecoin’s current price levels. However, the analyst also highlighted short-term reference zones that are well below the most extreme projections but still reflect meaningful upside potential.
Price levels around $0.6533 and $1.25111 were identified as more realistic milestones within a bullish scenario. Interestingly, these are also very bullish as they represent an increase of 340% and 740% respectively against Dogecoin’s price range around $0.15.
Not everyone who reads the graph comes to the same conclusion, and that difference in interpretation was evident in the comments below Marks’ post. Another Dogecoin analyst, KrissPax, responded by saying there is a difference between a full alt season and what he described as a relief rally. According to KrissPax, nothing in the current chart points to Dogecoin hitting $20 this year.
But Marks explained that The idea is not that Dogecoin will definitely reach $10 or $20 this year, but to show what kinds of gains you can expect when another alt season arrives, which seems increasingly likely.
Featured image of Pngtree, chart from Tradingview.com