Dogecoin (DOGE) appears poised for a sustained price rally, with analysts pointing to a familiar technical pattern that has historically triggered long-lasting bullish runs. According to a recent post by well-known market analyst Trader Tardigrade, DOGE may be on the verge of printing several consecutive monthly green candlesticks. This signal previously led to major price increases.
Currently, Dogecoin trades around $0.241, having pulled back from a high of $0.288 last week. Despite a 12.5% correction, the meme-inspired cryptocurrency remains up 47% in July alone, and analysts believe the best may still lie ahead.
Heikin Ashi Chart Signals a Potential Trend Reversal
In his July 27 tweet, Trader Tardigrade shared a Heikin Ashi chart that shows Dogecoin forming its first green monthly candlestick after five straight months of decline. For context, Heikin Ashi charts offer a smoothed representation of price action, helping traders more clearly identify trend reversals.
The analyst highlighted that this single green candle follows a significant downturn, where Dogecoin dropped from $0.332 in March to a low of $0.129 in April. The July candlestick suggests not only a price rebound but also the possible start of a longer-term bullish phase.
According to Tardigrade, past trend shifts on Dogecoin’s Heikin Ashi charts have repeatedly triggered months of continued green candles, each pushing prices significantly higher. His chart highlights similar formations in 2022, 2023, and early 2024, each followed by a multi-month rally.
Previous Patterns Show Dogecoin’s Price Reacts Consistently
To support this outlook, the analyst presented historical data that aligns with his current prediction. In November 2022, for example, DOGE reached a local high of $0.158 before entering an eleven-month pullback, ultimately settling at $0.056 in October 2023. That same month, a green candlestick emerged, leading to a surge to $0.229 by March 2024.
Similarly, after the March 2024 high, Dogecoin underwent another correction that lasted until September 2024. In October 2024, another green candle appeared, sparking a new rally that peaked at $0.4846 within two months.
Based on this consistent behaviour, Tardigrade believes that Dogecoin may now be entering yet another bullish phase that could stretch for several months, with the potential to reach unprecedented highs.
Related article: Dogecoin Whales Scoop Up Over 310M DOGE in 48 Hours Amid Market Dip
Analysts Set New Price Targets for DOGE
Trader Tardigrade’s forecast predicts that Dogecoin will rise above its previous all-time high of $0.748, targeting $0.85 in the coming months. That move would represent a 252% increase from the current price of $0.241 and a 559% surge from April’s low of $0.129.
Other market analysts have echoed this sentiment. MangoMan4 also predicts a move to $0.85, citing a confirmed breakout of resistance. Meanwhile, MasterAnanda sees Dogecoin extending the rally further to $1.17. Notably, CryptoELITE believes the real upside could lead DOGE to $5 before this cycle ends.
These forecasts all reflect growing confidence that Dogecoin may not only recover but also surge past its previous highs, if the current trend structure plays out similarly to past cycles.
Final Thoughts
Dogecoin’s July performance, combined with strong historical patterns on the Heikin Ashi chart, has reignited bullish expectations among top analysts. If the meme coin continues to follow its familiar trajectory, the next several months could deliver a powerful rally that pushes DOGE beyond its previous highs.
With momentum building and key analysts aligned in their outlook, investors may want to keep a close eye on Dogecoin’s price action in the weeks ahead. A vertical move could be just beginning.
