Dogecoin (CRYPTO: DOGE) is known for its loyal community and has seen incredible moves in the past. As the crypto market continues to rally, with Ethereum (CRYPTO: ETH) leading the way faster than Bitcoin (CRYPTO: BTC), many analysts believe that an altcoin season could be unfolding.

Among the altcoins that are back in focus, Dogecoin has crossed the $0.20 mark, sparking fresh conversation about whether it could reach its 2021 peak. Its market cap has now surpassed $29 billion.

Analysts at Maelius Crypto shared a chart highlighting some interesting observations. While Doge dropped more than anticipated, the analyst calls it ‘unbelievable’ and thinks it's showing strength with the bounce off key support levels. These levels include the 200-week EMA and a demand zone between $0.11 and $0.20.

The recent price action follows an Elliott Wave pattern, and the next big move could propel DOGE to the $1 mark. After a minor correction, it could eventually reach the $1.30-$1.70 territory.

Another analyst, Ali Martinez, noted that Dogecoin has been supported by a trendline since October 2024. A dip to $0.14 could present a buying opportunity before a rebound towards $0.30. Analyst Javon Marks also predicts a significant recovery for Dogecoin as it heads towards a target of $0.65.

Dogecoin’s recent rally has sparked hopes that it could attain huge market values, such as $500 billion, $1 trillion, or $2 trillion. At such valuations, each DOGE could trade at up to $13.4. This scenario is anticipated to unfold between 2033 and 2040.