Expectations for Dogecoin’s price remain sky-high as a crypto analyst forecasts a new all-time high for the popular meme coin. The analyst not only envisions an eventual break above the highly anticipated $1 level but goes even further, predicting a parabolic rally that could astonish the crypto market. Such a surge could propel the DOGE cryptocurrency to unprecedented levels, potentially echoing its remarkable price surge in 2021.
In a recent analysis posted on the TradingView website, the pseudonymous crypto analyst known as TradingShot offers an optimistic outlook for Dogecoin. Reflecting on a previous analysis from a year ago, the analyst noted that DOGE had entered an accumulation phase, as earlier predicted, setting the stage for the next anticipated price surge.
TradingShot explains that this accumulation phase, which was also observed in past bullish cycles, is crucial to the current forecast. The analysis highlights several signaling technical indicators, including a bullish cross at the 1-Week 50 and 100-Moving Averages, as well as the 1-Week 100-Moving Average holding steady after encountering a Channel Down/Bull Flag pattern. According to the analyst, these factors lead Dogecoin into its Parabolic Rally phase, marking the beginning of an exciting increase in price.
With Dogecoin now poised for a parabolic rally, the analyst has outlined potential price targets. The most conservative estimate suggests DOGE could rise to $2, translating to a 1,760% increase from its current level. TradingShot designates this as the “proper target” for the cycle. However, the possibility of further gains exists. In what the analyst refers to as an “overextension case,” DOGE’s price could climb an astonishing 5,500% to as high as $6, contingent on new developments such as fresh uses or adoption of Dogecoin that spark substantial capital inflows.
Regarding the timeline, the analyst forecasts that this rally could materialize by 2025. Based on previous cycle tops, TradingShot anticipates the peak around August 4, 2025, suggesting that only a little over a year remains to see if this prediction comes to fruition.
