Crypto analyst Philip assured that Dogecoin’s price rally is just beginning, despite profit over 300%which the most crucial meme coin enjoyed this year. The analyst used technical analysis to explain why DOGE will continue to move significantly higher.

Dogecoin’s price rally is still in its early stages

In TradeView entryPhilip said Dogecoin’s price rally is still in its early stages. Analyzing DOGE’s monthly chart, the analyst noted that the top meme coin is still near the bottom of the cycle and is expected to remain so increasing trend. He then referred to the triangle pattern in which Dogecoin trades every cycle before experiencing a parabolic price breakout.

Although this price breakout started at the beginning of the year, Philip believes that it is still in its early stages as this parabolic rise has always led to a up-to-date all-time high (ATH). Dogecoin price has yet to exceed the current ATH of $0.73 that it reached in 2019 the last running of the bullsdespite an raise of over 300% year-to-date (YTD).

Therefore, Philip expects Dogecoin price to at least retest its current ATH. Meanwhile, he made a connection previous cycles to predict how high the meme coin may ultimately reach in this bull run. He noted that Dogecoin saw a price raise of approximately 9,000% during the 2016 bull market and an raise of approximately 50,000% during the 2021 bull market.

Accordingly, he predicts that Dogecoin’s price could at least repeat the 9,000% surge during the 2016 bull market and rise to a conservative target of $5. This means that Dogecoin could still enjoy a price raise of over 1000% from its current price level. However, for now, DOGE’s main goal will be to break the current ATH.

Cryptocurrency analyst Alan Santana also recently stated that Dogecoin’s price rally is on point, noting that the robust rally that DOGE has witnessed so far signals the beginning of a bullish cycle.

The next stop for DOGE is $0.88

In the post: X, cryptocurrency analyst Tardigrade dealer he suggested that the next high the Dogecoin price will hit is $0.88. He mentioned that Dogecoin has always witnessed a two-fold raise from its previous local highs. In this case, $0.44 marked the current local peak of the meme coin. Therefore, the cryptocurrency analyst expects DOGE’s next local high to be $0.88.

Meanwhile, a cryptocurrency analyst Kevin Capital brought the community’s attention to a hidden bullish divergence that was forming on Dogecoin’s 4-hour chart. The analyst added that this is something worth paying attention to.

At the time of writing, Dogecoin is trading at around $0.39, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com