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Dogecoin’s (DOGE) price action appears to align with a historical pattern, with analysts predicting a potential surge to $1.50 by the end of Q1 2025.
Notably, TradingShot, in a recent analysis on TradingView, identified striking similarities between Dogecoin’s current consolidation phase and its accumulation period from January to February 2024.
These similarities suggest that DOGE may be setting up for another major rally in the coming months.
Historical patterns indicate an accumulation phase
Following a sharp 45% decline from its December 8 high, Dogecoin has been trading sideways for over a week, struggling to reclaim its 50-day moving average (1D MA50). However, this phase, as noted by the analyst, is characteristic of typical accumulation periods seen during bull cycles.
To build on this observation, TradingShot highlights several key technical factors that reinforce the likelihood of a turnaround. These include a breakdown below the 1D MA50, oversold relative strength index (RSI) levels hovering near 34, and strong support at the 200-day moving average (1D MA200).
Together, these indicators suggest that Dogecoin could be laying the groundwork for its next major move.
This setup, as TradingShot notes, bears a striking resemblance to early 2024, when Dogecoin underwent a similar accumulation phase following a 1D Golden Cross.
Back then, a two-month consolidation period led to a parabolic rally, driving DOGE to the 3.0 Fibonacci extension level. Analysts now predict DOGE could mirror its historical trends, with projections indicating the cryptocurrency may climb to $1.50 by March or April 2025.
More bullish projections
Supporting the bullish outlook, Trader Tardigrade’s analysis highlights that Dogecoin is following a fractal pattern similar to its previous cycles, with the price respecting its long-term trendline.
Despite this short-term dip, DOGE has demonstrated remarkable growth since the start of the year, rising from approximately $0.092 to $0.15 by early November, a 63.04% increase.
While technical indicators hint at the potential for further gains, Dogecoin’s immediate challenge lies in breaching the critical $1 mark, a key psychological and technical milestone that could pave the way toward its broader projection of $1.50 by Q1 2025.
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