Cryptocurrency analyst Tmilnebml has highlighted a bullish pattern forming on the Dogecoin price chart. Based on this, the analyst predicts that the price of DOGE could rise to $4.2 as this meme coin enters the next phase of this bullish pattern.
The Fibonacci spiral of Dogecoin could push the price up to $4.2
In a post on TradingView, Tmilnebml highlighted the Fibonacci spiral of DOGE, which could take DOGE up to $4.2. The cryptocurrency analyst noted that the Fibonacci spiral is in its third iteration according to the golden ratio and has broken recent resistance lines to make his prediction. His accompanying chart shows that the price of Dogecoin could reach $4.2.
The chart also indicates that the Dogecoin bull run to $4.2 could happen as early as February 2025, although it is unclear whether that would be the peak of the leading meme coin. Cryptocurrency analyst Ali Martinez recently also predicted that DOGE could reach $4 and continue to rise up to $23 in this cycle based on Fibonacci levels.
The analyst explained that the price of Dogecoin has increased to the Fibonacci level of 1.618 or even 2.272 in previous bull cycles whenever it broke the Fibonacci retracement level of $0.50. Based on this, DOGE could reach $4 if it hits the Fib level of 1.618 and $23 if it reaches the Fib level of 2.272.
Cryptocurrency analyst Trader Tardigrade recently also predicted that the price of Dogecoin could rise to $8.7 by August 2025 if it repeats the bull run of 2016. Meanwhile, he stated that DOGE could reach up to $30 if it repeats the bull run of 2021.
DOGE has entered the Parabolic phase
In a recent post on X, Ali Martinez claimed that DOGE has entered a parabolic uptrend and explained why he believes so. First, he mentioned that Dogecoin whales have bought millions of DOGE. These whales recently purchased 140 million DOGE ($56 million) within less than 24 hours.
Secondly, he noted that retail investors are beginning to notice the potential of DOGE, indicating that DOGE still has much room for price increases as these investors accumulate the meme coin. He added that cryptocurrency enthusiasts seem to prefer DOGE over Bitcoin, indicating a bullish outlook for the meme coin.
Martinez then mentioned that based on the parallel channel and historical data, the price of Dogecoin could reach anywhere from $2.40 to $23.26. However, he warned investors that they should be prepared for strong price corrections. Martinez noted that the price of Dogecoin has seen some corrections ranging from 40% to 84% during the bull runs of 2017 and 2021.
