Dogecoin has spent a large part of the current cycle moving sideways, leaving its long-term chart largely defined by a downtrend. However, a technical study of Dogecoin’s previous market cycles, where similar stretches of compression preceded outsized price expansions, points to instances where Dogecoin can rally to price targets anywhere between $10 and $20 in the current cycle.
How Dogecoin Performed During Previous Alt-Seasons
A recent technical analysis shared by crypto analyst Javon Marks on the social media platform X looks at direct comparisons between Dogecoin’s current structure and the setups that led to its most dramatic rallies in the past.Â
Related Reading
Looking back at previous market cycles, Dogecoin went through some of the biggest magnitudes of rallies, even within the volatile world of cryptocurrencies. During its first major alt-season run, Dogecoin surged by more than 9,000% from its base to reach a new peak of $0.015 in early 2018. Back then, this rally caught many doubters off guard, considering the fact that Dogecoin had no inherent value at the time and was the first mover in a niche of meme coins.
What followed in the next cycle was even more extreme, with the second major expansion delivering gains of about 28,000% in 2021. This rally was enough to establish Dogecoin’s reputation as the king of meme coins, and the all-time high of $0.73 it reached back then is yet to be broken.
The chart that followed Marks’ analysis shows that each rally began after prolonged periods where Dogecoin appeared largely stagnant and was trading sideways.
What A 9,000% Or 20,000% Move Means For DOGE
Applying those percentage gains to Dogecoin’s current price range produces eye-catching figures that propose a break above the anticipated $1 level and even above double digits.Â
Related Reading
A move similar to the first major alt-season rally, roughly 9,000%, would place Dogecoin around the $10 price level. A repeat of the second cycle’s performance would push the price far higher. to as high as $20.Â
These are ultra-bullish targets that seem unrealistic based on Dogecoin’s current price levels. However, the analyst also highlighted near-term reference zones that sit well below the most extreme projections but still reflect meaningful upside.Â
Price levels around $0.6533 and $1.25111 were identified as more realistic milestones within a bullish scenario. Interestingly, these are also very bullish, as they represent increases of 340% and 740%, respectively, from Dogecoin’s price range around $0.15.
Not everyone reading the chart arrives at the same conclusion, and that difference in interpretation was evident in comments under Marks’ post. Another Dogecoin analyst, KrissPax, responded by saying there’s a difference between a full alt-season and what he described as a relief rally. According to KrissPax, nothing in the current chart suggests a $20 Dogecoin this year.
However, Marks explained that the idea is not that Dogecoin will certainly reach $10 or $20 this year, but to show what types of gains to expect if another alt-season unfolds, which is looking more and more likely.
Featured image from Pngtree, chart from Tradingview.com
