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Crypto analyst Philip has asserted that the Dogecoin price rally is only just beginning despite the gain of over 300%, which the foremost meme coin has enjoyed this year. The analyst used technical analysis to explain why DOGE will still go way higher.
Dogecoin Price Rally Is Still In Early Stages
In a TradingView post, Philip said that the Dogecoin price rally is still in its early stages. Analyzing DOGE’s monthly chart, the analyst noted that the foremost meme coin is still close to the bottom of the cycle and is expected to keep trending upward. He then alluded to a triangle pattern, in which Dogecoin trades within every cycle before it enjoys a parabolic price breakout.
Source: TradingView
Although this price breakout began at the start of the year, Philip is convinced that it is still in its early stages since this parabolic rally has always led to a new all-time high (ATH). The Dogecoin price has yet to surpass its current ATH of $0.73, which it reached in the last bull run, despite being up over 300% year-to-date (YTD).
Therefore, Philip expects the Dogecoin price to at least retest its current ATH. Meanwhile, he alluded to previous cycles to predict how high the meme coin could eventually reach in this bull run. He noted that Dogecoin enjoyed a price gain of around 9,000% in the 2016 bull run and a gain of around 50,000% in the 2021 bull run.
In line with this, he predicts that the Dogecoin price could at least replicate the 9,000% gain in the 2016 bull run and rally to a conservative target of $5. This means Dogecoin could still enjoy a price gain of over 1,000% from its current price level. However, for now, the major focus will be for DOGE to break above its current ATH.
Crypto analyst Alan Santana also recently stated that the Dogecoin price rally is just, noting that the strong growth that DOGE has witnessed so far signals the beginning of a bullish cycle.
The Next Stop For DOGE Is $0.88
In an X post, crypto analyst Trader Tardigrade suggested that the next level the Dogecoin price will hit is $0.88. He mentioned that Dogecoin has always witnessed a 2x surge from its previous local tops. In this case, $0.44 marked the current local top for the meme coin. As such, the crypto analyst expects that DOGE’s next local top will be $0.88.
Source: Tradingview
Meanwhile, crypto analyst Kevin Capital drew the community’s attention to a hidden bullish divergence that was forming on Dogecoin’s 4-hour chart. The analyst added that this is something to keep an eye on.
At the time of writing, the Dogecoin price is trading at around $0.39, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
