Following an intense 40% plunge earlier this week, Dogecoin continues to grapple with losses. At the time of writing, the meme coin is still down by 20% over a week-long period, despite some recovery.
That being said, recent technical analysis points to the possibility of Dogecoin’s bull run being far from over. The data suggests that the $10 price target for Dogecoin in this cycle is still plausible. This forecast is built on the duration it has historically taken Dogecoin to reach new all-time highs and market peaks in previous cycles.
Historical Cycles of Dogecoin and Price Peaks
Dogecoin’s price actions have consistently followed distinguishable cycles over time. Numerous analysts have noticed a recurring pattern across these cycles. Currently, Dogecoin is in its third market cycle, with the price dynamics already showing signs of repeating patterns from the first two cycles.
Crypto analyst ÐOGECAPITAL (@DimaPotts36) points out that Dogecoin’s price history follows a cycle that repeats roughly every 1,442 days. This period represents the average time it takes for Dogecoin’s price to hit its ultimate cycle peak, counting from the bear market low.
The first cycle, from 2013 to 2018, witnessed a substantial 21,821% rally, with the price of Dogecoin jumping from a negligible $0.00009 to surpass the $0.01 level for the first time. Back then, Dogecoin was seen as little more than a fun experiment, with speculative trading mostly driving its price.
After hitting a bear market low at $0.00125, Dogecoin soared by 54,890% from its cycle low as the crypto market surged in 2021. The meme coin frenzy allowed Dogecoin to gain substantial popularity among retail traders, pushing its price to an all-time high of $0.7316.
With the third cycle now in progress, ÐOGECAPITAL predicts that Dogecoin could reach a new peak in 1,422 days.
Potential Timeline for Dogecoin’s New Peak
Dogecoin’s current market cycle commenced after its all-time high in 2021, subsequently entering an extensive bear market. The price bottomed in 2022 when Dogecoin dipped to $0.055.
If the 1442-day cycle repeats, Dogecoin is predicted to reach its market peak on April 14, 2025. The price target stands at around $10, representing an 18,000% rise from the 2022 bear market low. While this gain is considerably smaller than the 54,890% rally in Dogecoin’s 2021 cycle, the capital needed to fuel such an increase is significantly higher due to the crypto’s market cap.
At the time of writing, Dogecoin is trading at $0.2669, up by 1.1% over the past 24 hours.
