Dogecoin Perfectly Mirroring 2020/2021 Pattern, $30 Target Incoming?

While Dogecoin has recently been caught in a massive bearish onslaught, analysts are issuing bold statements about a potential rebound.

As Dogecoin's recent price decline continues, analysts are making bold predictions about a potential rebound.

On Friday, Dogecoin's price dropped to $0.34 after trading in the $0.40 range on Thursday. The meme coin is yet to recover from the decline, but some market observers are already anticipating a rebound to as high as $30.

Trader Tardigrade on X is among those voicing this ambitious forecast. According to Tardigrade, Dogecoin's next pump is on the way. This perspective is based on Dogecoin's historical chart, particularly when examined on a weekly timeframe.

The chart highlights that Doge formed a double bottom during the bear cycle of 2019 and 2020. Following these occurrences, a descending channel pattern surfaced, from which a major breakout materialized.

His chart shows that Dogecoin similarly registered two bottoms in the 2022 and 2023 bear markets, followed by a descending channel formation that led to another breakout.

Another key point from the chart is the cooling off after Dogecoin's initial speculative rally in the first quarter of 2021. While DOGE traded with two zeros in Q4 of 2020, it erased one zero in its run into the new year.

Specifically, the meme coin soared from around $0.002452 in November 2020 to $0.08495 by February, representing a massive growth of 3,366%.

However, Dogecoin later entered a consolidation phase, during which it traded around $0.05 for a few weeks before breaking out again. Specifically, by April 2021, the trend shifted, and Dogecoin dramatically surged by 677% from $0.05529 to above $0.43 in the same month.

Analyst Tardigrade believes Dogecoin is perfectly mirroring this pattern with its ongoing price action. Tardigrade expects a turnaround to unfold soon for Dogecoin. He anticipates that Dogecoin will similarly establish giant green candles in the coming weeks, as seen in historical patterns.

In the scenario where Dogecoin fully mirrors the 2020/2021 period, Tardigrade expects Dogecoin to rally as high as $30. From the current price of $0.3633, reaching $30 would represent a massive return of 8,158% for those holding Dogecoin today during this dip.

It’s worth noting that at a $30 price, Dogecoin would have a market cap of over $4 trillion, which is a highly speculative scenario. Despite this, other market watchers have argued for a similar price point for Dogecoin in this cycle.

Meanwhile, conservative estimates for Dogecoin this season include a $3 price and an $8 target