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Crypto analyst Trader Tardigrade has drawn the crypto community’s attention to a bullish pattern from 2021, which the Dogecoin price is replicating. This has raised the possibility of the foremost meme coin rallying to $16 in this market cycle.
Dogecoin Price Replicates 2021 Bullish Pattern
In an X post, Trader Tardigrade revealed that the Dogecoin price has repeated a similar pattern from the 2021 bull run. His accompanying chart showed that the pattern led to a massive god candle for Dogecoin in the previous cycle. In line with this, the crypto analyst raised the possibility of DOGE witnessing another god candle that will send its price to $16.
Trader Tardigrade remarked that DOGE would be big, suggesting that the Dogecoin price could reach this price level. On several occasions, the crypto analyst has predicted that Dogecoin could reach this price target in this bull run. Recently, he stated that between $10 and $30 would be the top for the foremost meme coin in this market cycle.
Meanwhile, he also stated that the Dogecoin price could reach $30 by March 2025 if it mirrors the 2021 bull run. Meanwhile, Dogecoin looks to share similarities to the 2021 bull run compared to any other cycle, which suggests that it could replicate the parabolic rally recorded during that period.
Even before the DOGE bull run began, Trader Tardigrade revealed that the Dogecoin price was flashing the same pattern that led to the 28,000% surge in 2021. This projected rally to $16 in this market cycle remains possible. Besides Trader Tardigrade, crypto analysts like Ali Martinez have also indicated that Dogecoin can reach this $16 target.
Martinez stated that the Dogecoin price could rise as high as $23 in this market cycle. He explained that this could happen if the foremost meme coin reached the 2.272 Fibonacci level.
DOGE To $1 Is Imminent
In the meantime, a psychological short to mid-term target for the Dogecoin price remains at $1, and crypto analyst Master Kenobi has predicted that DOGE will soon reach this target with Bitcoin above $100,000. Based on his recent analysis, Dogecoin’s next leg to the upside could begin anytime now, as it has recorded a consolidation similar to the previous cycle.
Crypto analyst Kevin Capital also alluded to this consolidation period in the previous cycle while suggesting that the next leg up is loading. He noted that in the last cycle when the Dogecoin price had its first major leg up, it consolidated for 24 days after that move before recording another leg up to the macro golden pocket.
If Dogecoin were to follow a similar path, he predicts that the next leg will start by the end of this week, and the meme coin will begin its rally to the macro golden pocket which is at $3.80 to $4.
At the time of writing, the Dogecoin price is trading at around $0.43, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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