Dogecoin (DOGE) has faced turbulent times amid the ongoing market downturn, dropping to $0.3392 after reaching $0.3978 on Tuesday. This marked a nearly 15% decline from its January high and dashed hopes of reclaiming the $0.400 price level last seen in December 2024.
Despite the bearish wave, optimism persists among analysts, with some forecasting a potential breakout for the meme coin.
Crypto analyst Trader Tardigrade has highlighted a promising bullish pattern on Dogecoin’s chart. He identified an Ascending Triangle formation, a classic technical setup often associated with upward price momentum. This pattern, visible on DOGE’s 4-hour chart, features higher lows converging toward a horizontal resistance line.
According to Tardigrade, Dogecoin is retesting the apex of the triangle, a crucial inflection point marked by consolidation. Historically, this technical setup signals bullish continuation when the resistance level is breached. Projections suggest a breakout could drive DOGE into the $0.75 to $0.85 range, reinforcing optimism among traders.
The analyst urged caution, advising against shorting or selling DOGE during this critical phase. “It’s not the time to short or sell your $DOGE now,” Tardigrade noted. He underscored the significance of the current pattern as a precursor to a potential upward trajectory.
In addition to Tardigrade’s analysis, crypto commentator WIZZ has expressed confidence in Dogecoin’s resilience. In a recent tweet, he predicted that DOGE would outperform leading cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, and BNB.
WIZZ attributed his bullish outlook to the anticipated marketing efforts by Elon Musk, known for his history of supporting Dogecoin. Musk’s influence has been pivotal in driving dramatic price surges, and WIZZ hinted at a near-term rally led by Musk’s initiatives. “Elon Marketing starts soon,” WIZZ wrote, pointing to a three-to-six-month timeline for Dogecoin’s revival.
The anticipation is amplified by Musk’s new role leading the “Department of Government Efficiency,” commonly referred to as DOGE. Enthusiasts believe this subtle correlation could fuel further interest in the meme coin, potentially reigniting a bull run similar to the 2020/2021 season.
Historical data from analyst Ali Martinez supports this optimism. During the last bull run, Dogecoin saw an astonishing 15,524% growth, largely propelled by Musk’s endorsements. Martinez projected that if this trend repeats, DOGE could climb as high as $23, with some even speculating a $37 price target in the current cycle.
