20x In The Cards? Why Dogecoin Has The Potential To Run Again

Dogecoin has spent the last week It moves within a narrow rangetrading between $0.16 and $0.19 with Maintain the entire market Cautious tone. The price briefly fell below $0.16 last week, but was quickly met with buying interest, preventing the meme from sliding deeper below $0.15.

The last candles on the 2-week chart show a narrow downtrend, that is It received attention From technical analysts who track long-term patterns. Among them is Osemka, who shared a technical analysis on X highlighting Dogecoin’s historical performance and what might come next.

Dogecoin has the potential to be up and running again

A Brief technical analysis Dogecoin price action on the 2-week candlestick time frame chart shows that the meme coin has a pattern of massive exponential moves once it emerges from its long accumulation phases.

The first example of this was in 2017, when the price of Dogecoin rose by 9,404%, turning fractions of a cent into tangible profits for its early holders. This rally was enough to send the price of Dogecoin to an all-time high of $0.01858 and gave a glimpse of what the meme coin could achieve. Four years later, the 2021 rally has eclipsed that performance, with DOGE rising 30,693% to reach a peak price of $0.73, a milestone that has held up so far.

However, these rallies did not happen overnight, but were the result of years of sideways consolidation that eventually gave way to parabolic growth once market sentiment turned bullish again.

A similar setup now appears to be taking shape on the charts, with Dogecoin strengthening once again in a long phase. The time period is two weeks It shows the formation of a stable base Around $0.16 and $0.18, which has been a crucial support range in recent months.

Dogecoin price chart. Source: @Osemka8 on X

Analysts expect a rise of at least 20 times

According to cryptocurrency analyst Osemka, Dogecoin’s current setup is similar to the pre-rally structures of 2017 and 2021. As such, the analyst noted that there is no reason why the meme coin cannot repeat another rally and at least a 20x increase from here.

With Dogecoin’s current price just under $0.18, a 20x move would put DOGE comfortably above the $3 price level, which is consistent with the analyst’s “a few dollars conservative” estimate. In particular, a 2,047% rise to $3.10 is expected in the next major driving wave that could define 2025.

At the time of writing, Dogecoin is trading at $0.1782, down 1.6% over the past 24 hours. It was a meme currency Reflects the performance of Bitcoin Very closely in recent weeks in terms of uptrends and downtrends. However, these forecasts are technical Puts Dogecoin on it One of the best candidates for a rebound once risk appetite returns to the cryptocurrency market.

Featured image created with Dall.E, chart from Tradingview.com

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