According to technical analysis indicators, next year Dogecoin (DOGE) could rise in price by 500% or more. The most popular memecoin is currently emerging from a three-year symmetrical triangle that has been forming for more than three years, starting in April 2021.
DOGE/USD Chart
In technical analysis, symmetrical triangles are trend continuation patterns that typically reverse in the direction of the previous trend, rising to the maximum distance between the upper and lower lines of the triangle.
In the period from 2020 to 2021 the price Dogecoin demonstrated a symmetrical triangle breakout when it broke above the upper line in October 2020 and then rose a record 31%.
As of October 2024, DOGE price appears to have reached a similar breakout point. If that happens, it will be in 2025. token -the meme can grow by 500% to $1, and then rise in price to $2.
Another important indicator that supports the bullish outlook is the weekly relative strength index Dogecoin (RSI), which bounced off a support zone around 46 in July. Historically, such RSI bounces have often led to sustained gains, raising the likelihood of a $1-$2 price target being reached.
In October, the price of DOGE rose by more than 75% to reach $0,172, which was the highest level since May 2024.
