Dogecoin (DOGE) Poised to Begin Its Next Leg Up as Historical Corrections Align Once More

Dogecoin has seen a notable price movement, surging over 6% following President Donald Trump’s decision to halt tariffs on Canada and Mexico.

Several analysts are anticipating the next leg up in Dogecoin's (CRYPTO: DOGE) price movement, as historical corrections appear to be aligning once again. Here's an overview of their observations and projections:

A recent analysis by an X user, known as Kevin, compares Dogecoin's recent price corrections to those observed during the previous bull cycle. The analysis suggests that Dogecoin has now completed its second major cycle dip, setting the stage for a major rebound.

During the previous bull cycle, which spanned from 2020 to 2021, Dogecoin experienced two major corrections before embarking on a significant upward surge. A close examination of these price movements reveals striking similarities to the current bull cycle, which began in 2023 and is anticipated to continue until 2025.

Specifically, the first major correction in the previous cycle saw a 56% drop, while the current cycle experienced a steeper 65% decline, decreasing by $0.15029 from local highs, which occurred between March and September 2024.

Furthermore, the second major correction in the previous cycle registered a 56.8% drop. In the current cycle, Dogecoin's second major pullback, which is the most recent case, saw a 58.18% decline, plummeting by $0.28104 from local highs.

If this pattern continues to hold, Dogecoin could be poised for a strong recovery, especially if Bitcoin (CRYPTO: BTC) performs well during this period. The analyst anticipates that Dogecoin could reach around $4 if all goes well.

Another market observer, using the pseudonym Wizz, shared their outlook on Dogecoin's future price movements. The analysis suggests that a major capitulation event could be unfolding, with weak hands expected to exit the market.

According to the analysis, Dogecoin could surpass the $1 mark, which would instill strong bullish sentiment among market participants.

Meanwhile, another commentary by Trader Tardigrade highlights a key momentum shift in Dogecoin's price action. Observing a four-hour timeframe, the trader points out a bullish MACD crossover, which is a technical indicator that signals a potential uptrend.

The trader specifically notes that the crossover suggests Dogecoin is gaining upward momentum and could be on the verge of another bull run.

A separate analysis from January 31 also highlighted expectations of a significant rally for Dogecoin. The analysis suggests that DOGE could reach $3.80 in this market cycle.

The chart analysis indicates that Dogecoin has historically surged to new highs after breaking through key resistance levels in previous cycles. The analysis anticipates that DOGE will soon follow a similar trajectory.

The analysis, which was conducted on January 31, further suggests that Dogecoin's value could increase by over 1,000% from the price at the time of the analysis.