A notable analyst calls attention to a historical Dogecoin pattern that could easily take DOGE beyond the $1 price mark.
For context, the $1 psychological level has been Dogecoin’s most elusive target since the 2020/2021 bull run. Despite the impressive 2021 run, DOGE failed to knock at the $1 mark, facing resistance at $0.74. However, the rally put it in a better position to aim for the milestone in the next bull run.
With this goal in mind, market analyst Chandler points to a historical pattern that could allow Dogecoin to claim the $1 mark. Notably, this pattern has persisted over the past year, with DOGE observing it two times since December 2023, when the ongoing bull run first took shape.
Dogecoin Rallies 112% Higher Than Previous Top
According to Chandler, within this period, whenever Dogecoin makes a higher high and faces a pullback, its comeback rally typically leads to a more substantial higher high than the previous one. Chandler observed that the second higher high is typically 112% higher than the previous one.
This pattern first occurred from December 2023 to February 2024. Particularly, DOGE reached a top of $0.1075 on Dec. 11, 2023, on the back of the uptrend that began in October 2023. Nonetheless, after the $0.1075 top, a pullback ensued, pushing prices below the new high.
Interestingly, the recovery from this pullback led to a new higher high of $0.2290 in March 2024 amid the meme coin mania at the time. Data suggests that this new peak of $0.2290 was about 112% higher than the previous peak of $0.1075 from December 2023.
Nonetheless, as the meme coin mania cooled, DOGE faced another correction, which lasted until the market recovered in October 2024. This recovery took shape on the back of Donald Trump’s election victory, with Dogecoin surging to another peak of $0.4846 in December 2024. This marked a 112% increase from the previous peak of $0.2290.
Now, with Dogecoin battling another pullback from the new $0.4846 top, Chandler believes the next recovery push could lead to another peak that is 112% higher than the previous one. In this case, a 112% increase from $0.48 top would take dogecoin to $1.02.
Besides Chandler, several other market analysts expect Dogecoin to claim $1 in this cycle, with WSB Trader Rocko suggesting this could occur soon. Earlier this month, Trader Tardigrade further noted that a Dogecoin target of $1 is reasonable, citing his PO3 structure.
Meanwhile, others expect the $1 mark to only serve as Dogecoin’s stepping stone to greater heights. For instance, Javier Santini sees Dogecoin claiming $4 when it recovers from the ongoing correction.
