Crypto analyst Philip has asserted that the Dogecoin price rally is only just beginning despite the gain of over 300%, which the foremost meme coin has enjoyed this year. The analyst used technical analysis to explain why DOGE will still go way higher. 

Dogecoin Price Rally Is Still In Early Stages

In a TradingView post, Philip said that the Dogecoin price rally is still in its early stages. Analyzing DOGE’s monthly chart, the analyst noted that the foremost meme coin is still close to the bottom of the cycle and is expected to keep trending upward. He then alluded to a triangle pattern, in which Dogecoin trades within every cycle before it enjoys a parabolic price breakout. 

Although this price breakout began at the start of the year, Philip is convinced that it is still in its early stages since this parabolic rally has always led to a new all-time high (ATH). The Dogecoin price has yet to surpass its current ATH of $0.73, which it reached in the last bull run, despite being up over 300% year-to-date (YTD). 

Therefore, Philip expects the Dogecoin price to at least retest its current ATH. Meanwhile, he alluded to previous cycles to predict how high the meme coin could eventually reach in this bull run. He noted that Dogecoin enjoyed a price gain of around 9,000% in the 2016 bull run and a gain of around 50,000% in the 2021 bull run. 

In line with this, he predicts that the Dogecoin price could at least replicate the 9,000% gain in the 2016 bull run and rally to a conservative target of $5. This means Dogecoin could still enjoy

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Author: Scott Matherson