Dogecoin Price Rally: Trader Melika Predicts $3.80 Long-Term Target Based on Bullish Patterns

Crypto trader Melika, who accurately forecasted Dogecoin’s rally to $0.3 in October, now predicts even higher future prices for the meme coin. In a detailed TradingView analysis, Melika suggests that Dogecoin could reach $3.80 in the long term based on a “cup-and-handle” pattern. This formation, often seen as bullish, occurs when an asset consolidates and then resumes an upward trend, signaling potential higher price levels.

In the October post, Melika projected short-term targets of $0.38 and $0.52, contingent on a handle breakout. With this breakout in sight, Dogecoin is expected to hit $0.52 soon and could eventually approach the $3.80 long-term target if bullish momentum holds.

Crypto analyst Dima James echoed this bullish outlook, highlighting the recurring cup-and-handle pattern in Dogecoin’s cycles, with historic rallies of 3,300% in 2016 and 12,000% in 2021. James believes this cycle could drive Dogecoin as high as $10, although such a projection remains speculative.

Golden Cross Signals Potential for Further Dogecoin Gains

Analyst Kevin Capital noted a significant technical indicator for Dogecoin: the weekly Golden Cross. This formation, where the 50-day simple moving average (SMA) crosses above the 200-day SMA, last appeared in 2020, preceding a sharp Dogecoin rally. Kevin suggests a short-term pullback could occur, much like the 2020 dip that led to new highs, but he expects Dogecoin to benefit if Bitcoin ultimately sustains its current trend.

Kevin also provided a more tempered view on the $3.90 target, suggesting that a realistic high could be around $1.80 if Bitcoin continues its bullish trend.

At present, Dogecoin is trading at $0.28, marking a 25% gain over the past day as traders watch for further price action aligned with these forecasts.