An analyst predicts Dogecoin could reach $5 this market cycle, based on repeating patterns of consolidation and breakout phases in its price movements.
Historical price rallies of Dogecoin have been characterized by symmetrical triangle formations followed by significant price surges.
The most iconic rally saw Dogecoin peaking at $0.7316 in May 2021, driven by social media hype and FOMO.
After a bear phase post the peak, Dogecoin has been undergoing consolidations which might lead to a continuation of the cycle.
Crypto analyst CryptoElites projects a potentially similar run to the 2021 bull rally, with a bold $5 price target for Dogecoin.
Reaching $5 per Dogecoin would imply a market capitalization above $720 billion, positioning Dogecoin just behind Bitcoin in terms of market cap.
The $5 price target would require significant participation from both retail and institutional investors.
Despite appearing ambitious, Dogecoin has demonstrated unexpected rallies before, like its 36,000% surge in the 2020-2021 bull cycle.
Dogecoin is currently trading at $0.168, having broken below $0.17 in the past 24 hours.