Dogecoin: Is the Third Bull Wave Imminent? Analyst Eyes $0.8, Potentially $4
Despite recent price consolidation below $0.20, Dogecoin is positioned for its most powerful bullish phase yet, according to prominent crypto analyst EtherNasyonaL. Technical analysis on the monthly chart reveals a compelling pattern suggesting the meme coin is gearing up for a significant uptrend, with targets extending well beyond its previous all-time high.
Historical Patterns and the Current Setup
Dogecoin's price history since 2014 demonstrates a cyclical nature, marked by two distinct bull waves following extended periods of consolidation. Each rally was ignited after Dogecoin broke above a multi-year descending channel's upper trendline, subsequently retesting it as support. Crucially, these breakouts often coincided with the 25-Month Moving Average turning upwards. The first wave in 2017 saw Dogecoin surge from near-zero levels, while the second, more explosive rally between 2020 and 2021, propelled it from under $0.003 to an all-time high of $0.7316. The current market environment mirrors these historical precedents. Dogecoin has successfully broken free from a long-term downtrend that spanned from mid-2021 to early 2025. Following this breakout, recent market action in October saw Dogecoin complete a successful retest of the former resistance, now acting as support, within the $0.17 to $0.20 range. This retest is further reinforced by a simultaneous bounce off the bottom trendline of an ascending channel, which EtherNasyonaL interprets as the accumulation of significant strength.
The Anticipated Third Wave: Targets Set
With the technical conditions aligning with previous bull market initiations, the analyst anticipates Dogecoin to follow its established pattern: moving from the lower boundary of the ascending channel towards its upper limits. Should this third bull wave unfold as projected, Dogecoin's price could not only challenge its standing all-time high of $0.73 but also break into uncharted price territories. The initial target for this potential rally is set at $0.8, with a more ambitious long-term forecast pointing towards a valuation as high as $4. Investors and traders are keenly watching these developments, as the next major move could redefine Dogecoin's trajectory.
