Dogecoin (DOGE) Replicating Previous Cycle, Forming Ascending Triangle Pattern Targeting $2 by 2025: Trader Tardigrade

Dogecoin DOGE/USD is seeing a disparity between bearish short-term price action and bullish social media sentiment driven rising social activity and increased accumulation by large holders.

Dogecoin (CRYPTO: DOGE) price action on Monday was bearish, with the meme token trading lower. However, social media activity was buzzing, and large holders were showing signs of accumulating.

Meanwhile, several analysts remained bullish on Dogecoin, highlighting technical formations and key price levels.

Here’s a summary of what analysts are saying about DOGE.

Trader Tardigrade, a pseudonymous crypto analyst, observed a striking similarity in Dogecoin’s price pattern compared to its previous market cycle.

According to Tardigrade, the formation of a parallel channel suggests a bullish outlook for DOGE.

The analyst set price targets of $2 for the 2025 cycle and $8 for 2028, advising long-term holding for significant gains.

Dogecoin is REPLICATING its previous cycle

The same parallel lines (Channel) has been identified.

This is no coincidence.

$2 is a reasonable target for the 2025 cycle,

and $8 for the 2028 cycle

Hodl your $Doge

pic.twitter.com/ii0FzyL3BB

— Trader Tardigrade (@TardigradeTrader) January 8, 2024

In another tweet on Jan. 8, the pseudonymous trader said this is not the time to short or sell DOGE, as it is retesting the apex of the Ascending Triangle.

This is not the time to short $Doge

or sell it, as many are suggesting.

It’s funny how everyone changes their mind so quickly

(Personally, I never changed my mind on $Doge.)

Anyway, this is Ascending Triangle Apex Retest.

From here, it will continue to go up.

Don’t miss out. pic.twitter.com/000000000000000000000

— Trader Tardigrade (@TardigradeTrader) January 8, 2024

Pseudonymous crypto trading collective Rose Premium Signals highlighted a strong bullish structure in Dogecoin’s macro charts.

According to the collective, the meme token is accumulating near a key support zone that aligns with long-term Fibonacci levels.

This accumulation bodes well for DOGE, suggesting a potential 3x rally this cycle to about $0.56943.

Dogecoin Macro Chart (4H)

A strong bullish structure in the macro chart of Dogecoin.

Meme token is accumulating near a key support zone that aligns with long-term Fibonacci levels.

Not financial advice.

pic.twitter.com/000000000000000000

— Rose Premium Signals (@PremiumRose_) January 8, 2024

Community News: Dogecoin founder Billy Markus, better known by his pseudonym Shibetoshi Nakamoto, drew attention to DOGE’s appearance in Senator Joni Ernst’s (R-Iowa) speech.

During her address on the newly established Department of Government Efficiency, Ernst mentioned Dogecoin, highlighting its symbolic importance and stating, "Doge is inevitable."

Dogecoin appeared in a speech by a US Senator on Monday.

During her address on the newly established Department of Government Efficiency, Senator Joni Ernst mentioned the meme token, emphasizing its role in the crypto conversation.

"Doge is inevitable," she said.

Full story: https://t.co/00000000000000000000000

— Shibetoshi Nakamoto (@BillyM2k) January 9, 2024

Later in the day, Markus shared an image of Ernst’s speech, zooming in on the part where she mentioned DOGE.

The Dogecoin founder highlighted the passage in the speech, adding a heart eyes emoji to his tweet.

pic.twitter.com/0000000000000000000000000

— Shibetoshi Nakamoto (@BillyM2k) January 9, 2024

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