The Dogecoin price has failed to revisit its all-time high of 2021 and is, in fact, trading 75% below its $0.73 ATH after a series of crashes rocked the crypto market. These crashes were spurred by US President Donald Trump declaring an all-out tariff war.
Interestingly, the market recovery has once again been triggered by the president, who recently announced that the 145% tariffs placed on China would be significantly reduced. As a result, the Dogecoin price is moving upwards again, and chart patterns suggest that it could be looking at another 600% surge.
Dogecoin Price Could Mirror November 2024 Surge
Crypto analyst Steph is Crypto recently pointed out that the Dogecoin price is making the same moves it did less than six months ago. With the analysis posted, Steph explained that back in 2024, the Dogecoin price completed 43 bars in a downtrend, and this lasted for 129 days.
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Once the downtrend was over and this pattern was completed, what followed was a month of rapid surges, which saw Dogecoin move from less than $0.1 to over $0.46 in the next few months. This culminated in a 500% increase by January 2025 before the market crash took over.
Now, again, it seems that Dogecoin has completed the same trend once again. The chart shows the same 43 bars created over 129 days during a downtrend, and this could mean that the bottom is close. In such a case, the Dogecoin price could be gearing up for another surge.
If the November 2024 surge is anything to go by, then another 501% increase is imminent. This time around, with the price higher than it was before the November surge, it would mean that the Dogecoin price would eventually rise above $0.5.
As for when this could take place, the crypto analyst uses the timeframe from the last occurrence. This suggests that the next two months are significant, and the surge could carry on from the month of May to July before reaching a peak.
Bullish Divergence From 2024 Returns
Steph is Crypto is not the only crypto analyst who has seen similarities in the current Dogecoin price chart compared to that of 2024. Another crypto analyst, Karan Asghar, took to X (formerly Twitter) to also reveal a formation that has returned. This time around, it is a bullish divergence that shows a bottom.
The last time this bullish divergence appeared was between July and August 2024, and the next few months saw the Dogecoin price consolidate and then end in a rally. The analyst pointed out that a similar bullish divergence has taken place between March and April 2025 after a wick down that could’ve marked a bottom.
As for the price target, it remains similar to that presented by Steph is Crypto, putting the price at over $0.4. The time frame for this also remains the same, with May and June expected to be the important months when this surge could take place. If both analyses are correct, then Dogecoin investors could be in for an interesting ride as May rolls around.
Featured image from Dall.E, chart from TradingView.com
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