Dogecoin price has erased most of the gains made in 2024 as it lost over 50% of its value in the past few months. To some investors, this crash may be a sign to keep shorting, while other experts recommend buying the dip. One crypto pundit noted that the DOGE price may soon surge from the current $0.2290 to $5 when the new crypto bull run starts.
Analyst Predicts Dogecoin Price Could Surge to $5
In an X post, Crypto Elites, a popular analyst with over 230k followers, noted that the recent crash was a blessing in disguise. He pointed to a cup and handle (C&H) pattern that formed on the weekly chart to predict an eventual Dogecoin price rally to $5.
A C&H pattern is a unique continuation pattern made up of two sections. It has a cup, which has a horizontal support connecting two peaks and a rounded bottom. This section can take months or even years to form and complete.
The next section is the handle, where an asset either consolidates or retreat for a while. In most cases, the asset stages a strong rally, retests the cup’s upper side, and soars.
DOGE price has already completed the cup section and has now retested the upper side. As shown below, he expects the coin to soar to $0.75, followed by $1.5 and then to $5.
The main caveat when using the C&H pattern is that the price target may take time, ranging from months to years.
DOGE Price Catalysts
The bullish DOGE price forecast is supported by its fundamentals. First, the ongoing crash of Solana meme coins may lead to a rotation to traditional meme coins like Dogecoin and Shiba Inu.
Second, odds that the Securities and Exchange Commission will approve a spot DOGE ETF have risen on Polymarket. Further, from a macro perspective, DOGE may ultimately be added to Trump’s strategic crypto reserve, likely due to pressure from Elon Musk.
Dogecoin Price Technical Analysis as Wedge Forms
There are chances that the DOGE price will rebound this month since it has formed a falling wedge pattern on the daily chart. This pattern comprises two descending trendlines that are converging. The upper side of this pattern connects the highest swings since November, while the lower side links the lowest points since November 12.
Therefore, with the spread between the two lines narrowing, the price of Dogecoin will rebound. If this happens, it will possibly hit the key resistance at $0.4838. November’s high, which is about 120% from the current level. A move to $5, while possible, will likely take a longer period to happen.
A plunge below last month’s low will invalidate the bullish view.
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