Cryptographic analyst Tardigrade Trader has drawn the attention of the crypto community to a bullish pattern starting in 2021, which the Dogecoin price is replicating. This has raised the possibility of the top meme coin rising to $16 in this market cycle.
Dogecoin price replicates 2021 bullish pattern
In an X post, Trader Tardigrade revealed that Dogecoin price has repeated a similar pattern to the running of the bulls 2021. The accompanying chart showed that the pattern led to a massive divine candle for Dogecoin in the previous cycle. In line with this, the crypto analyst raised the possibility of DOGE witnessing another divine candle that will send its price to $16.
Trader Tardigrade commented that DOGE would be large, suggesting that Dogecoin price could reach this price level. On several occasions, the crypto analyst has predicted that Dogecoin could reach this price target in this lockdown. Recently, he stated that between $10 and $30 would be the high for the top meme coin in this market cycle.
Meanwhile, he also stated that the price of Dogecoin could reach $30 by March 2025 if it mirrors the 2021 bull run. Meanwhile, Dogecoin appears to share similarities with the 2021 bull run compared to any other cycle, suggesting it could replicate the parabolic rally recorded during that period.
Even before the DOGE bull run began, Tardigrade Trader revealed that Dogecoin price was showing the same pattern that led to the 28,000% surge in 2021. This projected rally to $16 in this market cycle is still possible. In addition to Trader Tardigrade, crypto analysts like Ali MartÃnez have also indicated that Dogecoin can reach this $16 target.
MartÃnez stated that the price of Dogecoin could rise to $23 in this market cycle. He explained that this could happen if the top meme coin reached the 2.272 Fibonacci level.
DOGE at $1 is imminent
Meanwhile, a short- and medium-term psychological target for Dogecoin price remains $1, and crypto analyst Master Kenobi has predicted that DOGE will soon reach this target with Bitcoin above $100,000. According to their recent analysis, Dogecoin’s next bullish leg could begin at any time as it has recorded a consolidation similar to the previous cycle.
Cryptographic analyst Kevin Capital He also alluded to this period of consolidation in the previous cycle and suggested that the next leg up is charging. He noted that in the last cycle, when Dogecoin price had its first big rise, it consolidated for 24 days after that move before recording another rise towards the macro gold pocket.
Should Dogecoin follow a similar path, he predicts the next leg will begin later this week, and the meme coin will begin its rally to the macro golden pocket which is between $3.80 and $4.
At the time of writing, Dogecoin price is trading at around $0.43, up more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
