Dogecoin (DOGE) Price: Three Analysts Spot the Same Bullish Setup

TLDR

Dogecoin is trading at $0.1856 and showing signs of repeating historical price patterns that preceded major rallies Multiple analysts identify a potential breakout with targets ranging from $0.50 to $4.21 based on different technical approaches Fibonacci analysis suggests DOGE could reach $2.28 if it follows previous cycle patterns where the 1.618 level was exceeded Elliott Wave theory points to a new impulse wave beginning with initial targets around $1.12 and potential extension to $6.80 DOGE dominance charts show the memecoin approaching critical support levels that historically triggered major price moves

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Dogecoin is capturing analyst attention as technical patterns suggest the memecoin may be positioned for another major price move. Trading at $0.1856 on June 9, DOGE appears to be following familiar market cycles that have historically preceded large rallies.

Dogecoin (DOGE) Price

The current analysis centers on three key technical approaches that all point toward upward price potential. Each method uses different indicators but reaches similar conclusions about DOGE’s positioning in the market cycle.

Crypto analyst JAVON⚡️MARKS has identified a multi-cycle Fibonacci pattern where Dogecoin consistently rallies beyond the 1.618 extension level. In the first cycle, this target was $0.0074, while the second cycle saw a target around $0.039. Both levels were not only reached but exceeded.

$DOGE (Dogecoin), by its previous cycles, has a HIGH LIKELINESS TO MAKE A RUN TO AND ABOVE $2.28 ⚡️!

Those levels act as the 1.618 Fib Level which prices in each bull cycle has met and exceeded making the chances of it happening again this cycle a bit higher… pic.twitter.com/DpKjX2MW1z

— JAVON⚡️MARKS (@JavonTM1) June 8, 2025

The current third cycle places the 1.618 Fibonacci level at $2.28. MARKS notes that DOGE’s current consolidation above $0.06 mirrors the pre-breakout phases seen in earlier cycles. If this historical pattern continues, the path toward $2.28 could become viable.

Technical Patterns Signal Breakout Potential

Trader Tardigrade has spotted an accumulation pattern forming on DOGE’s chart that resembles the setup before the explosive rally in late 2024. Key resistance levels that previously acted as barriers are now facing pressure from rising higher lows and rounded bottom formations.

#Dogecoin appears to be repeating the pattern observed just before the last pump from October to December 2024 🔥$Doge is ready to soar MASSIVELY again 🚀 pic.twitter.com/YI9UlZqYoZ

— Trader Tardigrade (@TATrader_Alan) June 9, 2025

The analysis shows consolidation zones followed by breakouts, with orange and purple arches marking these patterns. If DOGE breaks above $0.23 and maintains strength above the $0.14-$0.16 range, price targets between $0.50 and $0.75 become more achievable.

Market analyst Clown WZRD focuses on DOGE dominance charts, noting that DOGE.D currently sits at 0.85% just above long-term support near 0.65%. This level has historically triggered major rallies, with DOGE dominance previously surging to over 2% from this base.

The DOGE/BTC pair is holding above multi-year support around 0.00000170 BTC, a level that has attracted accumulation in previous cycles. WZRD suggests this setup offers strong risk-reward potential if DOGE dominance hits the 0.65% level again.

Elliott Wave Theory Points Higher

Elliott Wave analyst EWT believes Dogecoin has completed its consolidation phase and is building toward a new major impulse wave. The analysis outlines a five-wave structure with the current move representing the beginning of wave (3) within a larger cycle.

EWT’s projections target $1.12 initially, with potential extensions to $3.17 and even $6.80 based on Fibonacci calculations. The chart suggests DOGE has finished wave IV and is now in early wave V, with the current correction being wave (2) of the next major bull phase.

The key invalidation level sits around $0.074, meaning the bullish count remains intact if DOGE holds above this pivot zone. Short-term targets point to approximately $0.77, which aligns with prior highs and represents a potential 4x return from current levels.

Trader Tardigrade also presents a monthly chart analysis showing DOGE riding the Gaussian Channel, a technical zone that has historically preceded major bull runs. The pattern shows three distinct rebounds: a 4,200% surge in 2017, a 16,000% explosion in 2021, and now a potential 2,300% rally targeting $4.21 in 2025.

On-chain data reveals that DOGE has experienced dominant outflows since November 2023, often exceeding -$200 million. These outflows reflect investor caution and align with the general downtrend. However, recent price stability above $0.17 demonstrates some resilience in the face of selling pressure.

Source: Coinglass

The combination of technical analysis from multiple approaches suggests DOGE may be approaching a critical juncture. With its market cap over $27.7 billion, Dogecoin remains positioned as the leading memecoin while these historical patterns continue to develop.

Current price action shows DOGE maintaining key support levels while analysts monitor for potential breakout signals across different timeframes and technical indicators.

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