A top market analyst has suggested that Dogecoin could repeat the success of its past cycle, pushing prices to higher prices. Dogecoin, the largest meme coin by market cap, has yet to find its footing this cycle. With a stellar 5,000% and 20,000% price uptick in the previous two cycles, DOGE has been below par so far, according to its standards.Meanwhile, Dogecoin has declined 13% over the past month and corrected by 14% in June. Despite a mild 4% gain over the past seven days, the meme coin leader has declined by a staggering 46% year-to-date, a clear sign that it is well within bearish territory despite Bitcoin’s success.History Suggests a Rebound Is on CourseNonetheless, Dogecoin enthusiasts have remained optimistic that it can still post a staggering upside this cycle. Fueling this expectation is a recurring pattern on its monthly chart that shows a glimpse of its previous price development.Top analyst Trader Tardigrade highlighted this repeating pattern in a recent X post , asserting that it would significantly impact Dogecoin’s price. Specifically, he projected a rally to finally surpass the one-dollar price mark and reach new highs.Importantly, an accompanying chart highlights this recurring pattern. According to the chart, Dogecoin trended atop an ascending trendline between 2015 and late 2017 before breaking out to price levels not previously seen. Dogecoin to $4/Trader Tardigrade Dogecoin made higher highs and higher lows with the trend, moving from $0.0001 to $0.0003, then broke out to reach $0.0026. Subsequently, DOGE consolidated from the high before a final push to close at $0.009 in December 2017.Pattern Set to Push Dogecoin to $4Trader Tardigrade highlighted that a similar pattern is forming on Dogecoin’s 1M timeframe. Notably, DOGE is currently trending along the ascending trendline after forming two sets of higher highs and higher lows, ranging from $0.059 to as high as $0.4846, before retracing to its current price of $0.167. Notably, all these happened from August 2023 up until now.Meanwhile, the analyst expects the breakout phase to begin soon and highlighted three targets for Dogecoin. First, he predicts a price increment to $0.42, which is 151% away from the current price.Next, he expects a jump to $1.46, marking a new all-time high for Dogecoin. From the current price, this represents a 774% increase.Ultimately, he predicts that Dogecoin would reach an ambitious $4 by the end of this cycle, taking its market cap to approximately $600 billion. This represents a 2,295% uptick from DOGE's present market price.Interestingly, the analyst's chart suggests that Dogecoin could continue its upward trend, similar to its performance in 2021, after completing the current pattern. His chart shows DOGE can reach a ridiculous $240 price per coin.Remarkably, Trader Tardoigrade has a history of predicting ambitious targets for Dogecoin. He projected a rise to $4.5 and above in June and highlighted another recurring historical pattern on the DOGE chart that could propel a rally to $12.
