Why a Leading Analyst Predicts Dogecoin Could Soar Over 6,000% to $18
Dogecoin has recently entered a consolidation phase, with its price stabilizing after a two-day decline alongside Bitcoin and other altcoins. Despite the downturn, prominent crypto analysts remain optimistic about DOGE’s long-term potential, predicting significant price surges.
Key Highlights
- Dogecoin’s price has been consolidating for the past 30 days.
- Analysts foresee DOGE rising over 6,000% to reach $18 in the long term.
- Confirmation of further upside hinges on DOGE surpassing $0.4841.
Analyst Forecasts for Dogecoin’s Price
Prominent crypto analyst Ali Martinez believes Dogecoin is still in a favorable position within its bullish cycle. Referencing the weekly chart and a regression channel, Martinez predicts a short-term target of $3 during the current bull run, which represents a 628% increase from its current price of $0.4127. Over the long term, he projects DOGE to reach $18, marking an extraordinary 4,267% surge.
Similarly, analyst Scofield highlights that Dogecoin has recently hit a critical support level on the four-hour chart, indicating a potential rebound and continuation of its upward trajectory. 
Technical Analysis: DOGE’s Consolidation and Patterns
Dogecoin’s price has hovered around $0.4841, a multi-year high not seen since May 2021, and above the 38.2% Fibonacci Retracement level of $0.4565. The consolidation phase is forming patterns like a bullish flag or a bullish pennant, characterized by a vertical rise followed by a period of consolidation.
- Bullish Target: If the bullish patterns play out, DOGE could aim for $0.7373, its all-time high.
- Key Support Levels: DOGE remains above crucial supports at $0.2278 (March 2021 high) and the 50% retracement level of $0.3690.
- Bearish Scenario: A drop below $0.3690 could invalidate the bullish forecast, pushing the price toward $0.300.
Long-term Outlook
Dogecoin’s potential for substantial growth is supported by technical patterns and optimistic market sentiment. While the ongoing consolidation may be temporary, it presents an opportunity for DOGE to build momentum for its next bullish breakout. A move above $0.4841 could confirm the start of a significant rally, with the long-term potential of reaching $18 remaining a target for optimistic investors.
