Dogecoin Is On a Strong Rise: Will the $3 Mark Become a Reality?

Dogecoin has once again surpassed the $0.4 mark after a few days of strong price increases, allowing it to recover significantly from $0.31. This strong upward movement has enabled Dogecoin to reverse the price losses it suffered the previous week. Furthermore, the recent price increase has put Dogecoin back on track for further growth, and the next target price is the expected price in case the upward trend continues. A technical analysis on the TradingView platform has highlighted the interesting comparison between the current price volatility of Dogecoin and its historical patterns to predict a significant price increase that could bring Dogecoin to $3 in this cycle. The consolidation of Dogecoin reflects the price surge in January 2021 Technical analysis is addressing the long-term price action of Dogecoin by analyzing the formations on the weekly candles. Interestingly, the weekly candle shows that Dogecoin has consolidated just below the $0.5 price level in a six-week downtrend and uptrend movement. The analyst emphasizes that the recent consolidation of Dogecoin is nearly an exact replica of similar behavior on the 1-week moving average (MA50) in January 2021. This symmetrical position in time compared to the previous market cycle further reinforces the argument that Dogecoin is following a cyclical pattern, as suggested by many analysts through various technical analyses. Returning to 2021, cryptocurrencies have transitioned from an accumulation phase to an explosive growth phase, generating profits of over 3,600% from the bottom. Expanding on this cyclical model, analysts highlighted another similarity in Dogecoin's price surge in the fourth quarter of 2024. Dogecoin has increased by approximately 480% since its bottom in August 2024, a figure consistent with the observed 480% increase during the period from November to December 2020. After the initial price increase in 2020, Dogecoin entered a consolidation phase in January 2021 before starting the second phase of the price increase. Therefore, the current consolidation phase seems to reflect this history and predicts that Dogecoin may repeat its past performance. Phase 2 Goal: The Road to $3 Based on historical precedent, analysts predict that Dogecoin's "Phase 2" could bring a 3,600% price increase, similar to the cycle observed in early 2021. In terms of price targets, the forecast is a 3,600% increase from the lowest point in August 2024, which would bring Dogecoin to $3. The time frame for this price target is as early as the next three weeks, although the analyst notes that it could happen much later than that.

At the time of writing, Dogecoin is trading at $0.3947, although it recently traded as high as $0.4334 during the day. Increasing to $3 would represent a 777% increase from the current price. DYOR! #Write2Earn #Write&Earn $DOGE {spot}(DOGEUSDT)