A prominent analyst from the widely followed High Altitude Investing channel has suggested that a significant bullish move could be on the horizon for Dogecoin. In a detailed analysis video published on April 17, he explored both short-term technical signals and long-range price targets. At the time of the broadcast, Dogecoin was trading at $0.10.
Short-term buy signals gain strength
The analyst highlighted that Dogecoin appears to have completed its latest correction phase and could resume upward movement soon. His outlook is based on technical indicators across multiple time frames. Specifically, the daily chart reveals the end of an ABC correction pattern, which according to Elliott Wave theory, often suggests that a correction has concluded.
The presence of a bullish MACD divergence further underscores the likelihood of a trend reversal in Dogecoin. On the 45-minute chart, the analyst identified a breakout above a triangle formation, noting this as a clear indicator that momentum could pick up in the near term.
He also examined the 10-day candlestick chart, drawing attention to the oversold MACD conditions. The analyst argued that such signals historically precede substantial price surges, lending further weight to his optimistic scenario.
Is a new Dogecoin cycle starting?
At the time of the video, Dogecoin was changing hands at $0.09594, down roughly 4.86% over the previous 24 hours. This recent price volatility has left investors questioning the coin’s short-term direction.
The analyst also backed Dogecoin’s long-term potential by referencing a ‘fractal’ pattern. He believes the coin’s current price structure mirrors Bitcoin’s set-up right before its major rally in 2021, involving an initial rise, a sharp correction, a secondary rally, and another retreat to lower levels. Historically, such sequences have often led to far larger moves afterward.
Extending the comparison to XRP, the analyst suggested that XRP’s climb in 2024 fits the same template. He emphasized that this repeating cycle is not unique to Dogecoin but common across leading cryptocurrencies.
Stating, “Not just Dogecoin, Bitcoin and XRP have all followed exactly the same pattern in the past,” the analyst bases his long-term price targets on these similarities.
Analyst eyes $2 and above for long-term DOGE
Using technical tools like Fibonacci extensions, the analyst compared Dogecoin’s current chart to prior Bitcoin cycles. He projected that if the bullish trend continues, DOGE could reach the 3.618 Fibonacci extension level—above $2. Higher targets at the 5.618 and 6.618 extensions put possible prices in the $3 to $5 range.
Acknowledging that these are notably ambitious goals, the analyst nonetheless believes that such levels could be tested during an extended bull cycle in the cryptocurrency market.
