Crypto experts predict Dogecoin could reach $5 based on bullish signals

The popular meme-based cryptocurrency known as Dogecoin (DOGE) is back in the spotlight with strong bullish signals pointing to a potential surge in its price to new highs.

Analysts in the cryptocurrency space are suggesting that DOGE could reach $5, and some are even forecasting higher price targets in the long term.

Trader Tardigrade, a well-known crypto analyst, has laid out a positive trajectory for Dogecoin in the final phase of its current bull run. Through the use of the Chande Momentum Oscillator (ChandeMO), Tardigrade’s analysis indicates that DOGE could rally past $5 and potentially even hit $9 in the current market cycle.

Drawing parallels to previous market cycles between 2018 and 2020, Tardigrade highlighted the current alignment of DOGE’s price action with the 50 Arnaud Legoux Moving Average (ALMA), further bolstering the case for an upward surge.

Tardigrade also suggested that if DOGE follows its pattern from the 2021 bull cycle, the price could surpass double digits, with a peak projection reaching $30. However, a more conservative estimate based on trends from 2017 places a significant milestone at $8.7 for investors to watch.

Kevin Capital, another reputable crypto strategist, pointed out that DOGE recently closed a daily candle above the macro 0.786 Fibonacci level, a key bullish signal. Capital identified crucial resistance levels at $0.48 and $0.41, indicating that sustained upward momentum will require vigilance from traders to confirm the breakout.

Machine-learning algorithms from CoinCodex also provide a positive outlook, predicting that DOGE may hit the coveted $1 mark by March 2025. According to their models, the token could potentially reach $1.11 by April, representing a substantial 200% gain from its current price levels.

In addition to technical indicators such as DOGE’s Relative Strength Index (RSI) and moving average ribbons, overall market sentiment and external factors like the upcoming U.S. presidential inauguration are contributing to the rally. Analysts like Master Kenobi have noted that Dogecoin tends to respond positively to social and political events, further supporting the potential growth of the meme-based cryptocurrency.