Expectations for the Dogecoin price are soaring as a crypto analyst has forecasted a surge to a new all-time high for the meme coin. Not only does the analyst anticipate an eventual break above the coveted $1 level, but they also project a parabolic rally that could astonish the crypto market. This surge could propel the DOGE cryptocurrency forward, evoking memories of its 2021 price spike.
In an analysis posted on the TradingView website, the pseudonymous crypto analyst TradingShot has issued a bullish forecast for Dogecoin. The analyst reflects on a previous analysis, shared about a year ago, which predicted that the DOGE price would enter an accumulation phase before the rally. Fast forward to the present, the analyst confirms that Dogecoin indeed entered and completed this accumulation phase as predicted. Consequently, this leads to the next phase of the forecast, a price surge that could now be imminent.
TradingShot explains that this accumulation phase was evident in past bullish cycles, marking it as a critical pattern. Additionally, a bullish cross at the 1-Week 50 and 00-Moving Averages, along with the 1-Week 100-Moving Average holding firm after approaching a Channel Down/Bull Flag, ushers in its Parabolic Rally phase, where the excitement truly begins.
With Dogecoin now stepping into the parabolic rally phase of the forecast, the analyst has outlined potential price targets. For the most conservative estimates, the analyst predicts that a rise to $2 is feasible. TradingShot describes this 1,760% rally from the current level as the “proper target” for this cycle. However, like any parabolic rally, there’s a chance the price could continue climbing even after hitting the realistic target. In an “overextension case,” the analyst suggests the price could soar 5,500% to reach as high as $6, contingent upon new developments such as news or fundamentals introducing new uses or adoption for Dogecoin, and the market responding with substantial capital inflows.
Regarding the timeline for this forecast, it appears not too distant as the analyst estimates it will materialize sometime in 2025. Using previous cycle tops for Dogecoin’s parabolic rallies, TradingShot pinpoints the peak around August 4, 2025. Therefore, with only 11 months remaining, the realization of this bold prediction could soon be within reach.
DOGE price gearing up for rally | Source: DOGEUST on Tradingview.com
