Back in October, crypto trader Melika made an accurate prediction that the price of Dogecoin would rally to $0.3. Remarkably, this was just Melika’s initial target, as the trader had forecasted higher benchmarks for the popular meme coin, both in the short and long term.
In a detailed TradingView post, Melika projected that Dogecoin could ascend to $3.80 in the long haul. The trader’s confidence stemmed from identifying a cup-and-handle pattern forming on Dogecoin’s chart. This pattern is known as a bullish continuation signal, typically indicating that the price will rise after a period of consolidation. In October, Melika explained that if the handle pattern completed and broke upward, Dogecoin could hit immediate targets of $0.38 and $0.52. Moreover, a breakout above the pattern’s neckline could propel Dogecoin to a long-term target of $3.80, aligning with significant resistance levels indicated on the chart.
In an October update, Melika confirmed that the trade was still active and that Dogecoin’s price trajectory was meeting expectations. The trader emphasized that Dogecoin is likely to rally to $0.52 in the near future and could reach $3.80 over the longer term.
Adding to the crypto analysis, crypto analyst Dima James also noted a cup-and-handle pattern in Dogecoin’s chart and predicted an astronomical rise to $10. According to James, Dogecoin has displayed this bullish pattern in every market cycle, leading to substantial rallies—3,300% in 2016 and 12,000% in 2021 after the pattern formed.
Furthermore, self-proclaimed DOGE lead analyst Kevin Capital identified that Dogecoin had completed its first textbook weekly Golden Cross in four years. This technical pattern occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA, often signaling a strong upward movement in price. Capital pointed out that in 2020, after a Golden Cross, Dogecoin initially dipped before surging to new all-time highs. He cautioned that a short-term correction might occur again, yet remained optimistic that Dogecoin would rise if Bitcoin continued its upward trend.
However, Kevin Capital offered a somewhat moderated outlook in another post, stating that a Dogecoin rally to $3.90 in this market cycle seems unlikely. He mentioned that a rise to $1.80 is also ambitious but feasible, contingent on Bitcoin’s performance during the bull run.
As of now, Dogecoin is trading around $0.28, marking a surge of over 25% in the past 24 hours, according to CoinMarketCap data.
