Popular crypto analyst, Ali, known for his technical analysis prowess, recently took to X (formerly Twitter) to shed light on the massive pattern that Dogecoin (CRYPTO: DOGE) has been silently forming over the past eight years.

According to the analyst, technical analysis of the meme coin, which began as a joke, could be setting up for a substantial rally.

" #Dogecoin $DOGE remains within an ascending parallel channel. As long as the lower boundary at $0.16 holds, a rebound toward the mid-channel at $2.74 or even the upper boundary at $6.24 remains a probability!"

A glance at the weekly logarithmic price chart shows that Dogecoin has been respecting an ascending parallel channel since 2015.

Currently trading at around $0.20, DOGE is trading slightly above the critical support level of $0.16 - the lower boundary of this long-term channel.

If this support level continues to hold, technical analysis suggests that Dogecoin could potentially reach the mid-channel target of $2.74.

Moreover, a continued bullish trend could push DOGE all the way to the upper boundary at $6.24 - an astounding 30x increase from current price levels.

However, investors should note that if the $0.16 support fails to hold, then DOGE could be en route to lower Fibonacci levels around $0.10 or even $0.07, ultimately invalidating the bullish structure.

Some Factors That Can Drive DOGE Price Up In The Long Term

Beyond the charts and technical patterns, several real-world factors could push Dogecoin to new highs in the coming years.

Social media and celebrity endorsements have repeatedly shown their power to move Dogecoin's price. When figures like Elon Musk tweet about the cryptocurrency, prices often surge as new investors rush in. A single tweet or public mention can trigger days of intense buying activity, sending values skyward in remarkably short periods.

The Dogecoin Foundation isn't resting on its laurels, either. They're actively developing new technologies like GigaWallet and RadioDoge. These innovations aim to make Dogecoin more practical for everyday payments.

What happens to Bitcoin (CRYPTO: BTC) still matters enormously for Dogecoin. History shows that when Bitcoin booms, Dogecoin often follows—and frequently with even bigger percentage gains. This happens because Dogecoin has a smaller market cap, making it easier for new money to drive significant price increases.

Despite its meme origins, Dogecoin has survived and thrived long enough to secure its place among the top cryptocurrencies. Institutional adoption, even at modest levels, could provide substantial support for higher valuations.