Dogecoin (DOGE) Could Be Gearing Up for a Scintillating 2,270% Rally, Targeting $5

Recent analysis suggests the Dogecoin correctional phase is nearing its end, and the asset could be gearing up for a scintillating 2,270% rally.

Recent analysis suggests the Dogecoin correctional phase is nearing its end, and the asset could be gearing up for a scintillating 2,270% rally.

Dogecoin’s bearishness could be close to an end following a speculated change of trend. The meme coin has suffered immense retraction since the start of the year, performing worse than most high-caliber assets.

However, prominent market analyst CryptoELITES has suggested an imminent rebound is on the horizon. In a recent X post, he predicted a big move for Dogecoin and shared its new target in the near term.

"Dogecoin is setting up for HUGE moves. Next target is $5.00.

We have the bullish structure nearing its last test.

Awaiting some more bullish action to continue to add. Targets:

1. $0.75

2. $1.50

3. $5.00 (final target for cup and handle breakout). "

An accompanying chart shows that DOGE broke out of a classical cup-and-handle pattern in November after a face-melting upward trajectory to an intra-month high of $0.4804. However, the asset has since pulled back and consolidated, possibly retesting the structure’s neckline before a bullish continuance.

Meanwhile, the analyst stated that a trend reversal is imminent, sharing three targets for the impending DOGE bullishness. His chart shows that the prominent meme coin will soon initiate a 255% uptrend to $0.75, slightly breaching the 2021 all-time high.

Furthermore, he expects the uptrend to persist, surpassing the all-time high with conviction to the second target of $1.5. Ultimately, CryptoELITES predicts a 2,270% rally from the current market price to $5 as the final target for the asset’s breakout from the cup-and-handle structure.

Analyst Shares Even More Bullish Price Outlook

Meanwhile, market watcher Trader Tardigrade has suggested that the $5 target is conservative compared to Dogecoin’s bullish prospects. In a parallel tweet, he asserted a 4,640% surge to $10 per coin this cycle.

Tardigrade stated that DOGE seems to follow its cyclical pattern of a substantial retracement before an ensuing “super huge bull run.” An attached chart shows the doggy-themed meme coin followed a similar pattern in 2017 and 2021, retracing 60% and 56%, respectively.

However, the asset surged substantially from there, with an 8,900% and 30,500% price explosion in both years. Tardigrade highlighted that Dogecoin has completed a 57% pullback from its January high and successfully retested the levels from whence it broke structure.

As a result, the asset’s next target is a price surge to unprecedented highs. Specifically, his chart shows a 4,640% surge to $10 per coin.

More Bulls Bet on a Dogecoin Rebound

Meanwhile, other analysts have remained bullish on Dogecoin despite recent underperformance. Their focus has been on the asset’s growing institutional adoption and historical performance.

For instance, analyst Dima Potts recently predicted an ambitious 21,227% surge to $45, citing a repeat of Dogecoin’s historical price action. He also cited technological advancement and growing adoption as the basis for the surge.

Furthermore, prominent watcher XForceGlobal suggested Dogecoin has room for another 5-10x surge this cycle. He predicted an uptrend to $9, citing the fifth wave of a multi-year Elliott Wave structure.

Nonetheless, Dogecoin would have to overcome its dwindling network activity to have a chance at this ambitious run. Whale activity and active wallets on its ecosystem have reached multi-month lows amid growing market caution.

In the meantime, Dogecoin trades at $0.211, almost unchanged from its closing price yesterday.