Dogecoin Following the Bullish Pattern—Here’s When the DOGE Price May Hit a New ATH at $5

As the Bitcoin price surged, the cryptocurrency markets witnessed a bullish trend. Many altcoins initiated a substantial recovery from their recent pullback, maintaining their momentum. Dogecoin, while experiencing growth, momentarily encountered bearish resistance before entering a bullish zone. Despite this interference, the DOGE price remains poised for a significant upswing, with its new all-time high (ATH) target of $5.

Dogecoin gained widespread attention during the 2021 bull run, notably due to its price rally that ascended from $0.0045 to $0.7376. Similar upward movement has been observed since the fourth quarter of 2022, fueling expectations of a bullish trend akin to that of 2021.

The DOGE price recently transitioned from a prolonged consolidation phase, spanning early November to mid-December, followed by a manipulation phase. Historically, such patterns have led to a strong distribution, which could potentially push the DOGE price to new ATHs.

Trader Tardigrade, an esteemed analyst, has drawn attention to similarities between the 2021 bull run and the current price action. The analyst noted that the cryptocurrency is repeating the same consolidation phase it underwent in 2021. Following a substantial price surge in January 2021, DOGE underwent a consolidation phase that culminated in a massive breakout to its ATH. The current price action exhibits similar consolidation patterns, suggesting that January could witness another significant upswing.

Numerous analysts anticipate a robust bull run in 2025, which could trigger an altseason. If Dogecoin follows its previous pattern, market participants can anticipate a new ATH surpassing the $1 milestone, potentially reaching $4.5 to $5. Once these price levels are achieved, it becomes increasingly challenging for bearish forces to drag the price below $1, even amidst bear market conditions.