Crypto analyst Bitcoinsensus has predicted that the Dogecoin price could rally 4,400% to $5, a new all-time high (ATH) for the foremost meme coin. The analyst also revealed what needs to happen for DOGE to witness this parabolic rally.
Dogecoin Price Eyes 4,400% Rally To $5
In an X post, the crypto analyst shared an accompanying chart showing that the Dogecoin price could rally to $5 by next year. He raised the possibility that DOGE could repeat its macro cycle, which could spark this parabolic run. Bitcoinsensus also noted that the foremost meme coin has been a master of art in geometrical patterns when it comes to its past cycles.
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This bullish prediction comes despite DOGE’s underperformance, with the Dogecoin price currently struggling below the psychological $0.2 level. However, this bearish sentiment could change soon, as the crypto market, led by Bitcoin, is once again looking to rebound. This rebound follows the U.S. Senate’s move to end the government shutdown that has lasted for just over 40 days.
Amid the crypto rebound, crypto analyst Chandler has declared that a Dogecoin price rally to $0.30 is closer than it appears. He had earlier stated that a move back to $0.30 this month or in early November was “coded” as DOGE has been making higher lows since April’s bottom, with each move preceded by a bullish divergence.
Crypto analyst Trader Tardigrade also indicated that a breakout may be imminent for the Dogecoin price. He revealed that DOGE had formed an inverse Head and Shoulders pattern on the 4-hour chart, with the right shoulder formed successfully. The meme coin is now attempting to break the pattern as it looks to reclaim the $0.2 level, which could spark a larger rebound.
“Don’t Underestimate DOGE”
Crypto analyst EtherNasyonaL remarked that DOGE should not be underestimated, as he expects the Dogecoin price to still pull off a parabolic rally in this market cycle. The analyst noted that the Dogecoin cyclical nature is quietly retracing its pattern. He added that, as with the first two major price movements in the previous cycles, the foundations for the third major price movement have already been laid.
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The analyst’s accompanying chart showed that the Dogecoin price could at least rally to $1, which would still mark a new ATH for the foremost meme coin. Crypto analyst Mojo stated that DOGE holding above $0.18 looks good for a rebound and that a break above $0.23 could start the next move up. The short-term target is $0.2, while $0.57 and $1 are the swing and long-term targets, respectively.
At the time of writing, the Dogecoin price is trading at around $0.18, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
