Dogecoin (DOGE) Price Predictions: Market Is Closely Watching DOGE As Analysts Suggest a Potential Bullish Surge

The cryptocurrency market is closely watching Dogecoin (DOGE) as analysts suggest a potential bullish surge that could see the meme coin reach the highly anticipated $1 mark.

The cryptocurrency market is closely following Dogecoin (DOGE) as analysts highlight a potential bullish surge that could see the meme coin reach the $1 mark. Recent observations suggest that the current DOGE price pattern strongly resembles its 2017 bull run, sparking speculations that a similar rally might be unfolding.

Crypto analyst Master Kenobi shared an analysis on X, formerly Twitter, comparing the historical price action of Dogecoin in 2017 with its recent chart. According to him, DOGE had two major pumps, both equal in value and duration, with a prolonged retracement period between them.

During the 2017 cycle, Dogecoin initially surged, followed by a deep correction phase before entering a parabolic rally that propelled it to new highs. Based on this pattern, Kenobi suggests that Dogecoin may be in the midst of a similar trajectory, where the first phase of its bull run has already occurred, and the second phase could be approaching.

According to Kenobi's observations, if history repeats itself, Dogecoin could enter the second phase of its bull run in the coming months, potentially pushing the price to $1.1 by the first week of June 2025. He further noted that the meme coin’s current price level might be a local bottom, indicating that a reversal could soon take place.

However, Kenobi cautioned against taking this prediction as a certainty. While the pattern similarity is interesting, market conditions are constantly changing. The level of volatility, external factors, and broader crypto market trends could all influence DOGE’s trajectory. Nonetheless, he believes this is a key observation for traders and investors.

Another crypto analyst, Crypto Lycus, suggested that Dogecoin might have already bottomed and could be gearing up for a bullish reversal. He highlighted a sharp correction from $0.50, followed by a steep decline to the current support zone of $0.17, which he believes is a critical price level for the meme coin.

According to Lycus, the $0.17 price level is particularly significant as it previously acted as a consolidation area before Dogecoin’s last major breakout. If DOGE successfully rebounds from this level, the price could see a strong upward movement toward $0.25 and $0.35 in the short term.

However, Lycus warned that if Dogecoin fails to hold this support level and breaks below it, the price could drop further, potentially revisiting the $0.10 region. The next few days and weeks will be crucial in determining which direction DOGE will take.

Trader Tardigrade observed that DOGE’s weekly candle closed with a doji, a key technical indicator that often signals a possible trend reversal. A doji candle appears at the end of a downtrend and suggests market indecision, where selling pressure begins to weaken, and buyers start regaining control. In previous bull runs, a doji pattern has been seen right before a major price surge.

According to Tardigrade, DOGE’s 4-hour chart is showing an ascending triangle pattern, characterized by higher lows forming a gradual uptrend. This technical formation suggests that DOGE is building momentum for a breakout, with $0.20 as the next short-term price target. If the pattern holds, DOGE could see a strong price rally in the coming weeks, supported by growing market sentiment and increasing buying pressure.

However, Tardigrade advised traders to monitor the resistance levels closely, as a failure to break above key resistance points could lead to another period of consolidation. He added that the MACD indicator is also showing signs of bullish momentum, further supporting the potential for a price reversal.

At the time of writing, Dogecoin is trading at around $0.16, down nearly 2% in the last 24 hours, according to CoinMarketCap data. The overall crypto market sentiment remains cautious, with DOGE experiencing a 16% decline over the past week. Despite the recent price dip, analysts believe strong support levels, historical price patterns, and technical indicators suggest a potential bullish reversal.

Several crypto analysts, including Master Kenobi, Crypto Lycus, and Trader Tardigrade, have been closely following the market trends, highlighting key support levels, potential breakout scenarios, and technical indicators that could affect the price of Dogecoin.

As one of the most popular cryptocurrencies among retail investors, Dogecoin has experienced significant price swings in recent months. With institutions increasingly entering the crypto space and interest in digital assets continuing to grow, the coming weeks and months could be pivotal for the meme coin’s recovery.

As always, it’s important to conduct thorough research, assess individual risk tolerance, and stay informed of the latest market developments before making any investment decisions.