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Crypto analyst Trader Tardigrade has drawn attention to a previous pattern that formed for the Dogecoin price just before it recorded 21,000% rally. Based on this, he raised the possibility that the meme coin may be preparing for another parabolic rally despite the recent downtrend.
Dogecoin Price Momentum Oscillator Decline Points To Parabolic Rally
In an X post, Trader Tardigrade highlighted the Dogecoin price weekly chart, while noting that the Price Momentum Oscillator (PMO) has dropped to levels that triggered past rallies. DOGE notably surged 21,000% between 2015 and 2018 and 800% between 2022 and 2024, when the PMO declined to its current levels.
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As such, the Dogecoin price could again record a significant surge if history repeats itself. The analyst’s accompanying chart showed that the meme coin could rally just above the psychological $1 level this time around. This will mark a new all-time high (ATH) for DOGE, with its current ATH at $0.73.
This bullish Dogecoin price prediction comes amid a recent crypto market decline, with DOGE falling to the $0.10 support level. Trader Tardigrade suggested that the decline might mark the bottom for the leading meme coin, as he highlighted an ascending triangle forming on the 4-hour chart.
Crypto analyst Crypto GVR stated that the chart is showing clear signs of a Dogecoin price reversal. The analyst predicts that DOGE could rally to between $0.3 and $0.5 in the long term. Meanwhile, crypto analyst Top Gainer noted that the Dogecoin price is currently in an accumulation zone, which could trigger a surge for the leading meme coin. He predicts that DOGE could record a big breakout, which would send its price to $1.
DOGE Could Be Targeting The $0.13 Zone
Crypto analyst Bitcoinsensus indicated that the Dogecoin price could be targeting the $0.13 zone for a breakout. This came as the analyst noted that DOGE has confirmed a bullish MACD print on the 4-hour timeframe, with the meme coin now rebounding. He added that if this bullish momentum persists in the crypto market, then Dogecoin could target its last pivot high.
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Commenting on the current Dogecoin price action, crypto analyst CryptoCeek noted that the brief drop below $0.10 led to a classic panic flush. DOGE may be looking to rebound, but the analyst warned that a rejection at the $0.12 price level could lead to a deeper crash to $0.08. However, if the meme coin breaks above this level, then it could rally to $0.16 in the short term.
At the time of writing, the Dogecoin price is trading at around $0.1070, up over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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