Analyst Reveals Accumulation Level For Dogecoin Before It Rallies To $2
A crypto analyst is of the notion that the Dogecoin price will trade at $2, with this view being obvious, and most just can’t see it yet.
The meme coin is still pinned below the $0.10 threshold despite repeated attempts to break higher, but according to crypto analyst Crypto Patel, the chart is screaming for a breakout rally to $2. This prediction is based on a decades-long chart structure with a projection of DOGE bouncing off a strong accumulation zone.
Dogecoin Sitting Inside Accumulation Zone
Crypto Patel pointed to a narrow range between $0.09 and $0.07 as the most important accumulation level for Dogecoin right now. This is based on technical observations showing that the meme coin is already trading within that band and repeatedly testing it as support.
His accompanying bi-weekly chart spanning DOGE’s full price history from 2019 through a projected 2027 peak maps an Elliott Wave structure across two complete market cycles.
The previous cycle topped at $0.72334, representing a 26,834% gain from its base. The current setup shows Dogecoin in what Crypto Patel labels as Wave 4, which is a consolidation phase playing out within a support and accumulation zone.
Wave 4 has been playing out since the DOGE price topped out at $0.48 in December 2024. Since then, the price action has been characterized by lower highs and lower lows, and this has led to the formation of a parallel downward channel on the 2-week candlestick timeframe.
DOGE’s Projected Path To $2
This zone carries added significance because it corresponds with the lower boundary of the descending channel that has been guiding Dogecoin’s price structure for months. Notably, each retest within the $0.08 to $0.09 band has so far failed to produce a breakdown, and this means there are strong buy orders here.
The expected move here is a bounce from the lower trendline, with the green vertical arrow projecting a wave 5 extension that sees the Dogecoin price going on a 2,767% rally. This projected rally will see Dogecoin landing squarely around $2. Crypto Patel set his price targets at $0.50, $1, and $2 in that sequential order, with a stop-loss defined as a higher-timeframe close below $0.048.
Dogecoin is not in its breakout phase yet. Even with the larger bullish structure in place, Dogecoin’s broader outlook is dependent on market conditions.
The most important thing right now is breaking above $0.10. This price level was rejected on April 17, when Dogecoin reached as high as $0.102. A similar analysis from crypto analyst Trader Tardigrade interpreted this rejection as a clean retest after breaking out of a descending triangle on the daily timeframe. All that needs to happen now is the creation of a higher high that flips the downtrend into an uptrend.
Featured image from Getty Images, chart from Tradingview.com
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