Analyst Defends $5 Dogecoin Target Despite Current Weakness, Cites Historical Triangle Patterns

Crypto Elites Predicts $5 DOGE Target Based on Historical Symmetrical Triangle Patterns

Reaching the $5 target would require a 2,847% rally from the current price, potentially creating a $750 billion market cap.

Technical indicators present a mixed outlook: the ADX suggests a potential rally, while the LMACD indicates weakness.

Cryptocurrency analyst Crypto Elites has reiterated their conviction in Dogecoin's potential, stating that those who do not foresee DOGE reaching $5 "probably don't know anything" about the meme coin.

This assertion comes despite DOGE trading at approximately $0.17, reflecting a recent decrease. However, the analyst points to historical chart patterns that have often preceded significant rallies.

Crypto Elites bases the $5 projection on recurring symmetrical triangle formations that have historically led to explosive price movements. While a $750 billion market capitalization may seem ambitious in the current cryptocurrency market, the analyst emphasizes the significance of these patterns.

Historical DOGE Triangle Patterns Support Bullish Long-Term Thesis

Crypto Elites’ analysis highlights three major symmetrical triangles in Dogecoin’s price history, each followed by considerable rallies. The first triangle formed in early 2016 when DOGE was trading at $0.0001. A breakout in late 2017 resulted in prices rising from $0.008 to $0.017 by January 2018, signaling the beginning of long-term bullish momentum.

The second triangle formed in December 2020 after Dogecoin fell below $0.002. Following a period of consolidation, the coin broke out in 2021, initially reaching $0.080 by February. By May 2021, DOGE had surged to $0.73 after a brief dip to $0.052, providing substantial gains for patient holders.

The third symmetrical triangle began to form in mid-2022 when Dogecoin declined to around $0.05. A breakout occurred in early 2024, and by March, prices had reached $0.22. After another consolidation phase, DOGE recovered to $0.48 by December 2024, before falling again to its current levels of approximately $0.17.

Technical analyst Tardigrade offers further support for bullish scenarios by comparing current ADX patterns to those observed in 2019-2020, preceding Dogecoin’s major rally. The Average Directional Index displays similar peak and dip formations that preceded previous explosive moves, with the ADX now rising again, potentially signaling building momentum.

Tardigrade's more conservative projection targets $4.50, still requiring significant gains but slightly below Crypto Elites’ $5 forecast. Both analysts concur that current ADX patterns mirror conditions that preceded historical rallies, suggesting the potential for substantial upward movement.

However, technical expert Tony Severino presents opposing information based on Dogecoin’s one-month Logarithmic MACD indicator, which reveals poor momentum and ongoing downturn signs. The LMACD, which tracks momentum changes, is currently negative, similar to trends seen in 2017 and 2022 when DOGE experienced periods of diminishing momentum.