Crypto analyst Tmilnebml has highlighted a bullish pattern forming on the Dogecoin price chart. Based on this, the analyst predicted that the DOGE price could rise as high as $4.2 as the meme coin enters the next phase of this bullish pattern.
Dogecoin Fibonacci spiral could send price to $4.2
In one TradeView postTmilnebml highlighted the DOGE Fibonacci spiral, which could send DOGE to $4.2. The crypto analyst noted that the Fib spiral is on its third iteration of following the golden ratio and has broken through the recent resistance lines on its way to fulfilling its prediction. Its accompanying chart showed that the Dogecoin price could reach $4.2.
The chart also showed that the Dogecoin price surge to $4.2 could happen as early as February 2025, although it is unclear whether this will mark the top for the major meme coin. Crypto analyst Ali Martinez also recently predicted this DOGE could reach $4 and further rise as high as $23 in this cycle, based on Fibonacci levels.
The analyst explained that in previous bull cycles, Dogecoin price rose to the 1.618 or even 2.272 Fibonacci level whenever it broke the $0.50 Fibonacci retracement level. Based on this, DOGE could reach $4 if it reaches the Fib 1,618 level, and $23 if it reaches the 2,272 Fib level.
Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rise to $8.7 by August 2025 if it reflects the 2016 bull run. Meanwhile, he stated that DOGE could reach as high as $30 if it were to replicate the 2021 bull run.
DOGE has entered the parabolic phase
In a recent X post, Ali Martinez stated that DOGE has embarked on a parabolic bull run and explained why he thinks so. First of all, he mentioned that Dogecoin whales have purchased millions of DOGE coins. These whales recently bought 140 million DOGE ($56 million) in less than 24 hours.
Second, he noted that retail investors are only just beginning to notice DOGE’s potential, indicating that DOGE still has more room to go up as these investors accumulate the meme coin. He added that crypto enthusiasts seem to prefer it DOGE on Bitcoinwhich presents a bullish outlook for the meme coin.
Martinez then said that based on a parallel channel and historical data, the Dogecoin price could be anywhere between $2.40 and $23.26. However, he warned investors that they will have to be prepared for sharp price corrections. Martinez noted that the Dogecoin price saw several corrections during the 2017 and 2021 bull runs, ranging from 40% to 84%.
At the time of writing, the Dogecoin price is trading around $0.39, up more than 3% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com