Technical analysis examining Dogecoin’s historical performance suggests the meme-inspired cryptocurrency could be poised for another significant upward movement, with forecasts pointing towards a potential price target near $1.60.
The prediction draws heavily on Dogecoin’s established cyclical behavior. Historically, major bull runs occurred in 2017 and 2021, delivering gains exceeding 2000% and 25,000% respectively.
Current market activity contributes to this optimistic outlook. Trading volume near $960 million alongside observed market behavior are interpreted as potential indicators of substantial price appreciation gathering momentum.
Supporting the bullish case, analysts reference a recurring trend dubbed the ‘Dogecoin Supercycle’, based on aligning historical price patterns. Since 2014, DOGE has exhibited a repeating roadmap involving correction phases followed by accumulation and eventual breakouts.
Despite experiencing a very minor dip of 1.78% over the past day, broader market sentiment surrounding Dogecoin remains predominantly positive.