Currently, Dogecoin is priced at $0.169, experiencing a dip after reaching $0.19 in late April. Recent trading patterns, however, indicate a degree of resilience when compared to the drop to $0.14 earlier in April. Although there’s some uncertainty in its rally, the meme cryptocurrency appears to be forming a base that could lead to a significant move. Crypto analyst MasterAnanda suggests that this consolidation period might be leading up to a major breakout, similar to past Dogecoin surges.
Chart Analysis Indicates Potential for Previous Bull Cycles
MasterAnanda’s assessment highlights a repeating structure in Dogecoin’s daily candlestick chart identified by three distinct lows, marked (1), (2), and (3). These are evident on both sides of the chart. The left side shows these lows forming between July and October 2024, signaling price corrections. The current pattern on the right mirrors this earlier trajectory, featuring similar low points in the 2025 price framework.
The formation of a higher low at point (3) back in September 2024 triggered a significant upward movement, pushing Dogecoin near the $0.50 mark. The analyst notes that the current (3) low is establishing a higher point compared to (2).
Additionally, a descending wedge pattern formed between February and April has been breached. Despite the $0.145 support zone holding up several times, it may need to be tested again as the third low develops.
Analyst Recommends Aggressive Buying and Holding
This analysis suggests Dogecoin might revisit the $0.145 level to solidify the formation of the third low before any upward movement occurs. However, MasterAnanda advises against selling. Instead, he encourages a strong buying approach, asserting that Dogecoin is entering a robust growth phase akin to the one experienced during the 2021 bull market. He recommends eliminating stop-loss orders and viewing any short-term price drops as unique buying chances. If additional buying isn’t feasible, simply hold onto your investments.
Previously, a similar formation in 2024 resulted in a substantial 380% climb to a peak of $0.48. Should that pattern repeat, a rally from $0.145 could see the price approach $0.70, bringing Dogecoin close to its all-time high range. While MasterAnanda hasn’t pinpointed such an ambitious target, he does expect a minimum price movement above $0.40 based on the current situation.
As of now, Dogecoin is trading at $0.1695.
