Cryptocurrency analyst Tmilnebml highlighted the bullish pattern forming on the Dogecoin price chart. Accordingly, the analyst expected the price of DOGE to rise to… Up to $4.2 The meme currency is entering the next phase of this bullish pattern.
Dogecoin Fibonacci Spiral could send the price to $4.2
In a TradingView ShareTmilnebml highlighted a DOGE Fibonacci spiral, which could send DOGE to $4.2. The cryptocurrency analyst noted that the Fibonacci spiral is in its third iteration of following the golden ratio and has broken the recent resistance lines, heading towards achieving his predictions. The accompanying chart showed that the price of Dogecoin could reach $4.2.
The chart also showed that Dogecoin’s price rise to $4.2 could happen as early as February 2025, although it is unclear if that would mark the meme’s first peak. Cryptocurrency analyst Ali Martinez recently predicted this DOGE can reach $4 And continue to rise to a high level of $23 in this cycle based on Fibonacci levels.
The analyst explained that Dogecoin price rose to 1.618 or even 2.272 Fibonacci levels in the past bullish cycles when it broke the $0.50 Fibonacci retracement level. Accordingly, DOGE price can reach $4 if it reaches the 1.618 Fibonacci level and $23 if it reaches the 2.272 Fibonacci level.
Cryptographic analyzer Slow growing trader It also recently predicted that the price of Dogecoin could rise to $8.7 by August 2025 if it reverses the uptrend of 2016. Meanwhile, it was stated that DOGE could reach $30 if it repeats the uptrend of 2021.
DOGE has entered its parabolic phase
In a recent X post, Ali Martinez mentioned that DOGE has entered a parabolic bull run and explained why he believes this to be the case. First mention that Dogecoin whales Millions of DOGE coins have been purchased. These whales recently bought 140 million DOGE ($56 million) in less than 24 hours.
Second, he noted that retail investors are just starting to notice DOGE’s potential, suggesting that DOGE still has more room to move to the upside as these investors accumulate the meme coin. Cryptocurrency enthusiasts seem to prefer it, he added DOGE on Bitcoinwhich provides a bullish outlook for the meme coin.
Martinez then stated that based on the parallel channel and historical data, Dogecoin price could reach between $2.40 and $23.26. However, he warned investors that they will have to prepare for sharp price corrections. Martinez pointed out that the price of Dogecoin witnessed several corrections ranging from 40% to 84% during the upward trend of 2017 and 2021.
At the time of writing, Dogecoin price is trading at around $0.39, up more than 3% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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