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Dogecoin is still reeling in losses after a crazy 40% declineat the start of the week. Although it has since recovered a bit, Dogecoin is still on a 20% loss in a seven-day timeframe at the time of writing.
However, technical analysis suggests that Dogecoin’s bull run might still be in play, and the meme coin could still reach the $10 price target this cycle. This analysis is based on the time taken for Dogecoin to reach new all-time highs and market peaks in the previous cycles. Dogecoin’s Historical Cycles and Price Peaks
Dogecoin’s price movements have historically followed well-defined cycles,and multiple analysts have observed a consistent patternacross the cycles. Notably, Dogecoin is now in its third market cycle, and price dynamics in the current cycle have already shown different repetition signs from the two previous cycles. Related Reading Can The Dogecoin Price Rally For 3 Months Straight? 2021 Bull Market Performance Says Yes 2 weeks ago
According tocrypto analyst ÐOGECAPITAL (@DimaPotts36), Dogecoin’s price history has a striking cycle pattern that repeats approximately every 1,442 days. This pattern of 1,442 days is the average time taken for the Dogecoin price to reach its final peak of each cycle when counting from the bear market low.
The first cycle, which spanned between 2013 and 2018, saw DOGE rally by 21,821% from its cycle low to its peak. Back then, Dogecoin was trading for a minuscule price around $0.00009, but it eventually surged to break above $0.01 for the first time. At that time, Dogecoin was still regarded as little more than a joke coin, with only speculative trading from early investors driving its price action. Past cycle trends identifies DOGE market peak | Source: DOGECAPITAL on X
The bear market low was recorded at $0.00125, but as the crypto market entered a euphoric bull phase in 2021, Dogecoin became one of the biggest winners of the meme coin craze, as it went on a 54,890% increase from its cycle low. The meme coin craze allowed Dogecoin to gain prominence among retail tradersduring this period, which eventually pushed its price to the current all-time high of $0.7316.
With the third cycle now in motion, crypto analyst ÐOGECAPITAL noted that it mighttake the same 1,422 days for Dogecoin to reach a new peak. Timeline For New Dogecoin Price Peak
Dogecoin’s current market cycle began immediately after its all-time high in 2021, after which the meme coin entered a prolonged bear market. The price low for this cycle was registered sometime in 2022 when Dogecoin corrected to as low as $0.055. Related Reading Dogecoin Still In Play As Price Gears Up For Another 600% Run Above $2 1 week ago
A repeat of the 1442-day cycle means that Dogecoin will reach its market peak on April 14, 2025. In terms of a price target, the predicted target is around $10, which would translate to an 18,000% increase from the 2022 bear market low. Although this percentage gain is notably smaller than the 54,890% rally seen during Dogecoin’s 2021 cycle, the capital required to create such an increase is significantly higher due to the cryptocurrency’s market cap.
At the time of writing, Dogecoin is trading at $0.2669 and is up by 1.1% in the past 24 hours. DOGE trading at $20.26 on the 1D chart | Source: DOGEUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com