One cryptocurrency analyst has made a new bull case for Dogecoin (DOGE), sharing a long-term chart setup that he says reflects the same pattern that led to… The explosive rise of the meme coin in 2021. He also noted the frequency of sentiment shifts across market phases, with traders often suspicious of early moves before chasing prices at higher levels.
Dogecoin is expected to reach $2 soon
Crypto Battle Market Analyst subscriber A new Dogecoin chart setting on X, indicating a potential rise towards $2 this session. He based his bullish view on historical market patterns, focusing on the strong structure seen during Dogecoin’s 2021 bull run.
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In that previous cycle, Dogecoin rose from a low of around $0.002 in 2020 to a peak above $0.72 in 2021. The move represented a gain of over 26,800%, marking one of the most lucrative moves. Aggressive rallies in the history of the meme coin. Before reaching ATH, the chart structure showed two major breakouts followed by successive upward waves identified as phases 3, 4 and 5.
Based on this structure, Crypto Patel argued that the current setup for Dogecoin is It closely reflects the bullish pattern of 2021. He noted that the meme has already gone through two breakout phases between 2023 and 2024, followed by a retest of key support levels within a specific period of time. Wider accumulation area. After this retest, Dogecoin recorded its next strong upward move in 2025, which is labeled Phase 3 on the chart.
Since then, the price of the meme coin has been trading within a narrow range inside Down channel. The chart also shows another retest of the previous accumulation area around the $0.11 level, which the analyst considers a second confirmation of support.
Because of this structure, Crypto Patel believes that the next major step for Dogecoin could be A sharp rise towards $2. From current levels near $0.10, this would represent a potential gain of over 2,700%.
How market psychology plays a role in DOGE reaching $2
During his analysis, Crypto Patel also pointed out Market sentiment and psychology This could impact price movements and trends ahead of Dogecoin’s potential rise to $2. The analyst noted that at lower levels, such as $0.05, many traders will still reject Dogecoin. Dead coin.
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As the memecoin moves higher towards $0.25, Crypto Patel said some market watchers will still expect a price drop as they wait on the sidelines. Once Dogecoin reached around $1, the analyst stated Fear of missing out (FOMO) It will automatically return to the market, as investors try to book gains. Finally, at the expected peak of the target factor of $2, he noted that there would be the same pattern of regret in those who did not get in early, just as in previous bull cycles.
Featured image from Getty Images, chart from Tradingview.com
