Dogecoin price is repeating its 2021 pattern and teasing an upcoming rally fuelled by several bullish triggers including the potential launch of DOGE exchange-traded funds (ETFs) and Elon Musk’s endorsement. However, uncertainty across the broader crypto market continues to hinder a possible recovery. Can DOGE defy the bearish sentiment and rally towards $5?
Dogecoin Price Repeats 2021 Pattern – Can DOGE Hit $5 in 2025?
Dogecoin price appears to be mirroring its pattern between Q1 and Q2 2021, indicating that a rally to $5 is imminent. This is according to analyst Cas Abbe, who identified the repetitive pattern, adding that DOGE was currently in a “recovery phase”.
The analyst noted that DOGE price has undergone three recovery phases since 2016, and was on the verge of completing the third one, which could precede a remarkable jump to $5.
The previous recovery phase happened in 2021, and once DOGE completed this stage, it underwent a parabolic rally that saw the price surge 13x within three months. If Dogecoin were to repeat this pattern, the analyst anticipates a rally to $5 from today’s price of $0.23.
DOGE/USD: 1M Chart
Besides the price action, there are also similarities between the 2021 macro environment and the current one. Just like in 2021 when the market sentiment around DOGE was positive, data from Google Trends shows that search terms for “Dogecoin” in the US market have surged to the highest level in three weeks.
Google Trends
As anticipation around a DOGE ETF builds, DOGE could record a massive rally in the coming months. However, while analysts have given a bullish Dogecoin price forecast of a rally to $5, this may not happen in 2025 given the current market conditions.
Key DOGE Levels to Watch
Dogecoin price has been trading within a horizontal range between $0.20 and $0.30 over the past month. However, sellers have gained the upper hand after the price tumbled by 5% in 24 hours. Traders are now closely watching the support level of $0.201 and if sellers force DOGE to fall below this price, it may lead to panic selling.
However, the Relative Strength Index (RSI) shows Dogecoin is currently oversold, which could cause seller exhaustion. If DOGE defends support levels but buying activity continues to lack, it is expected that the price will continue trading in consolidation.
DOGE/USDT: 1-day Chart
The bullish triggers around DOGE, such as the potential ETF approval and Elon Musk’s endorsement, may spark a bullish recovery that could see Dogecoin price break past resistance at the short-term target of $0.309. A rally to the 161.8% Fibonacci level of $0.65 could also happen if DOGE the broader sentiment flips positive again and the price breaks past $0.48.
The post Dogecoin Price Mirrors 2021 Pattern: Is a $5 Target in Sight? appeared first on CoinGape.
