Dogecoin has spent the last week move in a narrow areatrading between $0.16 and $0.19 with the whole market now a cautious tone. The price briefly fell below $0.16 last week, but quickly attracted buying interest, preventing the meme coin from sliding deeper below $0.15.
Recent candles on the two-week chart show a tightening downtrend, and this caught the attention of technical analysts who follow long-term trends. Among them is Osemka, who shared technical analysis on X that highlights Dogecoin’s historical performance and what could come next.
Dogecoin has the potential to work again
A brief technical analysis Dogecoin price action on the 2-week candlestick time chart shows that the meme coin exhibits a pattern of massive exponential movements once it exits long accumulation phases.
The first example occurred in 2017, when the price of Dogecoin surged 9,404%, turning fractions of a cent into tangible profits for early holders. This rally was enough to propel Dogecoin price to new all-time highs as high as $0.01858 and provided a glimpse of what the meme coin could achieve. Four years later, the 2021 rally eclipsed that performance, with DOGE climbing 30,693% to reach an all-time high price of $0.73, a milestone that has held to the present.
However, these rises 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 pattern now appears to be forming on the charts, with Dogecoin once again consolidating in an extended phase. The two-week deadline shows a stable base forming around $0.16 and $0.18, which has been a critical support range in recent months.
Dogecoin price chart. Source: @Osemka8 on X
Analyst expects at least 20x rally
According to crypto analyst Osemka, Dogecoin’s current setup resembles the pre-rally structures of 2017 and 2021. As such, the analyst noted that there is no reason why the meme coin cannot replicate another rally and rise by at least 20x from here.
With Dogecoin’s current price just below $0.18, a 20x move would put DOGE comfortably above the $3 price level, which is the analyst’s conservative estimate of “a few dollars.” In particular, the projection is a 2,047% rise to $3.10 during the next major impulse wave that could define 2025.
At the time of writing, Dogecoin is trading at $0.1782, down 1.6% in the last 24 hours. The very piece was reflecting Bitcoin’s performance very closely in recent weeks, both in terms of uptrends and downtrends. However, this technical forecast positions Dogecoin as one of the leading candidates for a resurgence once risk appetite returns to the crypto market.
Featured image created with Dall.E, chart from Tradingview.com
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