Dogecoin (DOGE) Price May Rally 1,168% to Hit $4 Target in a Week, Market Expert Predicts

This comes as the pullback triggers massive declines for the meme coin. For context, Dogecoin previously experienced a rally following the U.S. presidential election on Nov. 5.

A market expert has pinpointed a timeframe for Dogecoin (CRYPTO: DOGE) to break out of the ongoing correction, using historical data to support his analysis.

The analysis comes as the broader market pullback has led to substantial declines for the meme coin. For perspective, Dogecoin last experienced a breakout following the U.S. presidential election on Nov. 5.

The election saw the victory of pro-crypto candidate Donald Trump, generating excitement within the crypto community. Subsequently, Dogecoin soared to highs of $0.48 by Dec. 8.

However, as the broader market faced corrections, DOGE's price dropped by 36% in just two weeks.

Despite this downturn, analysts largely anticipate the correction to be part of a healthy market cycle, expecting a substantial rebound.

One such analyst, Javier Santini, who is a market analyst and founder of Elemento Cripto, has analyzed Dogecoin's historical patterns, leading him to expect an explosive rally soon.

According to Santini's analysis, pullbacks in Dogecoin's price below the previous cycle's all-time high tend to last about a month before the token resumes its upward momentum.

In a recent tweet, Santini shared a weekly chart of Dogecoin, highlighting the asset's unique pattern since 2017.

Every mid cool-off (below ATH) since the beginning of $DOGE has exactly 1 month of duration at +24th. A fact since 2017.

The next and first hyperbolic push will start next week and should reach $4 in a week or less. $XRP to $25.

The news should be very unexpected. pic.twitter.com/1Y2HpinqrH

— Javier Santini (@javierosantini) December 21, 2024

Specifically, in January 2014, Dogecoin peaked at $0.00232 before entering a correction that lasted until March 2017. During this period, the price dropped to as low as $0.00022.

After breaking out in March 2017, Dogecoin saw another pullback that lasted for exactly a month before surging to a new all-time high of $0.0187 in January 2018.

Following this peak, Dogecoin experienced another extended correction, forming a descending trendline. This trendline broke in December 2020, leading to another rally.

However, a pullback that lasted for a month occurred again before Dogecoin skyrocketed to its most recent all-time high of $0.7390 in May 2021.

Dogecoin Targets $4 After Breakout

The current market behavior suggests a similar cycle may be unfolding. After breaking out of the latest descending trendline in the fourth quarter of 2024, Dogecoin went on a remarkable rally of 161% in November.

However, December has brought a correction that Santini anticipates will also last about a month. He expects Dogecoin to resume its uptrend in the coming week.

The analyst sets a price target of $4, expecting it to materialize in a week or less.

A rally of this magnitude would see Dogecoin surge by an impressive 1,168%, considering its current trading price of $0.3253.

Santini's optimism is driven by the consistent patterns Dogecoin has displayed since its inception, with each breakout phase leading to new highs.

Another analyst, @Degengambleh, also projects a price target in the same range for Dogecoin. In his analysis, the meme coin could reach $4.20.

The analysis highlights a 1,000-day accumulation trend that has laid the foundation for a major rally, with a recent update on the pattern emerging when Dogecoin last traded at $0.1713 in March 2024.

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