Dogecoin price repeats 2021 bullish pattern, but can it rise to $16?

Crypto analyst Trader Tardigrade has brought the crypto community’s attention to a bullish pattern from 2021 that the Dogecoin price is replicating. This has raised the possibility of the leading meme coin rising to $16 this market cycle.

Dogecoin price replicates 2021 bullish pattern

In an X post, trader Tardigrade revealed that Dogecoin price has repeated a similar pattern Bull run 2021. Its accompanying chart showed that the pattern resulted in a massive god candle for Dogecoin in the previous cycle. Accordingly, the crypto analyst expressed the possibility of DOGE witnessing another divine candle that will push its price to $16.

Trader Tardigrade noted that DOGE would be large, suggesting that Dogecoin price could reach this price level. The crypto analyst has predicted multiple times that Dogecoin could reach this price target in the year this bull run. He recently stated that between $10 and $30 would be the high for the leading meme coin in this market cycle.

Meanwhile, he also explained that the Dogecoin price could reach $30 until March 2025, when it reflects the 2021 bull run. Meanwhile, Dogecoin appears to have similarities to the 2021 bull market compared to any other cycle, suggesting that it could repeat the parabolic rally seen during this period.

Even before the DOGE bull market began, Trader Tardigrade revealed that Dogecoin price exhibited the same pattern that led to the 28,000% increase in 2021. This predicted increase to $16 in this market cycle remains possible. In addition to trader Tardigrade, crypto analysts like Ali Martinez have also pointed out that Dogecoin can reach that $16 target.

Martinez explained that the Dogecoin price could rise to $23 in this market cycle. He explained that this could happen if the leading meme coin reached the Fibonacci level of 2,272.

DOGE to $1 is imminent

Meanwhile, a psychological short- to medium-term target for Dogecoin price remains at $1, and crypto analyst Master Kenobi has predicted that DOGE will soon reach this target Bitcoin over $100,000. According to his latest analysis, Dogecoin’s next uptrend could begin at any time as it has seen a similar consolidation to the previous cycle.

Crypto analyst Kevin Capital He also alluded to this consolidation phase in the previous cycle while hinting that the next phase to the upside is beginning. He noted that in the last cycle, when Dogecoin price experienced its first major increase, it consolidated for 24 days after this move before registering another increase to the macro golden pocket.

Should Dogecoin follow a similar path, he predicts that the next stage will begin at the end of this week and the meme coin will begin its rally Macro golden bag That’s $3.80 to $4.

At the time of writing, Dogecoin price is trading at around $0.43, up over 4% in the last 24 hours Data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com