Dogecoin Price Poised for a Potential 9,000% Surge to $10? Insights from Historical Trends

Dogecoin

Summary:
Dogecoin is currently experiencing a sideways movement in its price cycle, but historical technical analyses hint at the potential for significant rallies. The cryptocurrency could rally dramatically, potentially reaching prices between $10 and $20 based on past performance.

Key Takeaways:

Dogecoin has seen periods of significant price increases in previous market cycles.
Historical data suggests two major alt-season rallies: a 9,000% increase in 2018 and a 28,000% increase in 2021.
Current price projections could see Dogecoin rise to $10 or even $20 in the future.
More realistic bullish milestones are identified at around $0.6533 and $1.25111.

Historical Performance of Dogecoin During Alt-Seasons

A recent technical evaluation by crypto analyst Javon Marks, shared on social media platform X, draws parallels between Dogecoin's current market position and the scenarios that led to its previous significant rallies. Analyzing earlier cycles, it's clear that Dogecoin has achieved remarkable price surges in its history.

During its first notable alt-season in early 2018, Dogecoin experienced an astounding 9,000% increase from its base level, jumping to a peak of $0.015. This surge surprised many skeptics, especially considering Dogecoin's perceived lack of intrinsic value at the time, being one of the first meme coins.

Dogecoin
Source: Chart from Javon Marks on X

In the subsequent market cycle, Dogecoin's expansion was even more significant, leading to a 28,000% increase in 2021. This incredible performance solidified Dogecoin's status as the leading meme coin, with its all-time high of $0.73 still unbroken.

According to Marks’ analysis, each major rally followed extended periods of price stagnation, where Dogecoin traded sideways before breaking out.

What a 9,000% or 20,000% Increase Could Mean for DOGE

If we apply these historical percentage gains to Dogecoin's current price, the figures suggest a potential breakthrough beyond the $1 mark, possibly even reaching double digits.

A 9,000% increase, similar to Dogecoin's first significant rally, could push the price to around $10. If history were to repeat itself with a performance resembling the 2021 surge, prices could soar as high as $20.

While these targets may seem ambitious considering current market conditions, Marks identifies near-term price levels—$0.6533 and $1.25111—as more achievable milestones, representing potential increases of 340% and 740%, respectively, from Dogecoin's current price of approximately $0.15.

However, interpretations of these projections vary. Another analyst, KrissPax, emphasized the difference between a full alt-season and what he termed a "relief rally." He expressed skepticism, noting that the current chart does not indicate a likelihood for Dogecoin to reach $20 this year.

Nevertheless, Marks clarified that the intention is not to assert that Dogecoin will definitely hit $10 or $20 in the near term, but to illustrate the significant gains that could occur should another alt-season commence, which appears increasingly probable.

Dogecoin
DOGE trading at $0.14 on the 1D chart | Source: DOGEUSDT on Tradingview.com