The post Crypto Analyst Predicts When Dogecoin Price Will Hit $3 This Cycle appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Dogecoin has cleared the $0.4 mark again after a few days of interesting price inflows that have caused its price to rebound notably from $0.31. This strong upward movement has allowed Dogecoin to reverse the price losses it incurred in the previous week. Related Reading Furthermore, this recent rally has positioned Dogecoin back on track for further upward movement, and the next outlook is price targets to expect in the case of a continued rally henceforth. A technical analysis on the TradingView platform highlighted a compelling comparison between Dogecoin’s current price movements and its historical patterns to predict a significant rally that could bring Dogecoin to $3 this cycle.  Dogecoin’s Consolidation Mirrors January 2021 Rally The technical analysis in question looks at Dogecoin’s price action from a long-term perspective by analyzing formations on the weekly candlesticks. Interestingly, the weekly candlesticks show Dogecoin has been consolidating just below the $0.5 price level in a downward and upward movement throughout the past six weeks.  The analyst highlighted that Dogecoin’s recent consolidation is almost an exact replica of a similar behavior above the 1-week moving average (MA50) in January 2021. This symmetrical positioning in time relative to the previous market cycle adds credibility to the argument that Dogecoin is following a cyclical pattern, which has been proposed by various analysts through multiple technical analyses. Back in 2021, the cryptocurrency transitioned from a period of accumulation to explosive growth, generating returns of over 3,600% from its bottom. Expanding on this cyclical pattern, the analyst highlighted another similarity in Dogecoin’s price rally in Q4 2024. Dogecoin’s price has risen by approximately 480% since its August 2024 bottom, a figure that matches the 480% increase observed during the November-December 2020 period. DOGE is currently trading at $0.39. Chart: TradingView…

---

Filed under: News - @ January 18, 2025 8:24 pm