The first of such breakouts, which was in November 2023, produced an 84% surge. The second breakout was in early 2024, and this pushed the Dogecoin price about 194% higher. The third and most powerful breakout came in November 2024, which resulted in a staggering 446% price surge.
According to the analyst, Dogecoin’s current market structure is showing similar conditions, and if it flips green on the Supertrend line once again, its price action could embark on a fourth rally.
Interestingly, the most recent candlestick is playing out an indecisive Doji formation after two bullish candlesticks. This formation is much like the ones Dogecoin went through before each of the previous flips.
Each prior green flip has delivered increasingly larger returns, moving from 84% to 194% and then to 446%. A fourth rally in line with this sequence would logically point toward another significant expansion. This time, the price target sits at nearly $0.90 per token. This would not only represent a 520% gain from the breakout level but also a new all-time high for the meme cryptocurrency.
At the time of writing, Dogecoin is trading at $0.2422.
