Dogecoin Price (DOGE) Poised to Mirror Past Bull Runs and Surge to New All-Time Highs, Analyst Predicts

The Dogecoin price could be getting ready for a fresh bullish wave as a crypto analyst projects a surge to new all-time highs.

Crypto analyst Javon Marks is predicting a bullish wave for Dogecoin, projecting a surge to new all-time highs.

The analyst highlights past performances to support this bullish projection, specifically focusing on the Dogecoin price action during previous bull cycles.

Marks shared his analysis on X (formerly Twitter) on February 22, predicting that DOGE could soon rally above its current all-time high of $0.73905.

In his chart, Marks highlights Dogecoin's price action during the 2016/2017 bull run and the 2020/2021 bull market.

Both cycles show Dogecoin experiencing a rapid price crash, depicted by a descending price channel. However, after an extended period of consolidation, the meme coin experienced a massive price rally that led to an ATH breakout to $0.00232 in 2018.

During the 2021 bull market, Dogecoin experienced its famous breakout that turned many long-term investors into millionaires.

The price also recorded a significant rally after undergoing a seemingly stagnant price action. At the time, the historic rally catapulted Dogecoin to its current ATH of $0.73905.

Based on these past bullish trends, Marks believes that Dogecoin may be mirroring a similar price action.

The top meme coin has recently experienced a drop to new lows and has been in consolidation for weeks. By the end of this bearish trend and consolidation period, Marks suggests that Dogecoin could begin its next bullish wave, potentially skyrocketing above its current ATH.

The analyst projects a nearly 200% bullish move to a fresh ATH for Dogecoin if its price action continues to reflect past bullish trends.

The DOGE price has been facing severe volatility recently after its previous price breakout to the upside. A move to a new ATH would be a landmark moment for the meme coin in the crypto market, further solidifying its position as the number one meme coin.

Despite the bullish sentiments, the Dogecoin price still faces severe downward pressure. It has been in the red zone for weeks.

Although it experienced a major price rally earlier this year, the meme coin is down by almost 33.1% in the last month, according to CoinMarketCap.

This massive price crash was a result of several bearish factors, including Bitcoin’s decline below the $100,000 mark and continued weakness, the recently implemented Tariffs on China, Canada, and Mexico by the United States (US), and the broader market decline, which saw most altcoins and meme coins fall.

All of these bearish factors have pushed the DOGE price to $0.23, wiping out a significant portion of its gains attained this year. However, while Dogecoin is down, whales are taking advantage of the dip to accumulate more coins in hopes of a price rally.