The first wave, which began in 2017, caused Dogecoin’s earliest exponential rise from near-zero levels, right when the meme coin entered into popular crypto discussions. The second, and far more explosive, bull wave occurred between 2020 and 2021, when Dogecoin surged from under $0.003 to an all-time high of $0.7316, which has stood until now.
Each bull run started once Dogecoin reclaimed its 25-month moving average as support, following extended consolidation periods that spanned multiple months. The current setup reflects the same condition, as the 25MA line has once again turned upward, and Dogecoin has successfully retested the upper trendline of its previous descending channel, as shown in the chart below.
The projected trajectory on the chart above shows Dogecoin following its established pattern by moving from the lower region of the ascending channel to its upper boundary. If the third bull wave plays out as the previous two did, Dogecoin’s price could challenge its $0.73 all-time high and break into new price territories. The first price target in this case is the $0.8 mark, and then as high as $4 in the long term.
