Historical patterns suggest that Dogecoin ($DOGE) may be positioning for a major rally, with a popular expert setting price targets as high as $5.

This bullish projection adds another ambitious forecast to a growing list of Dogecoin predictions, which expect a major breakout for the largest memecoin by market capitalization.

Analyst Predicts Dogecoin To Hit $2 and $5

Crypto Patel recently shared his bullish expectations for $DOGEon X, suggesting that the memecoin could be gearing up for a parabolic price action to unprecedented targets.

In recent months, it retested the trendline of the triangle amid dipping prices. Following the successful breakout and retest play, Crypto Patel expects the dog-themed token to stage another exponential rally.

$DOGERepeated Price Action

The breakout pattern identified by the widely-followed crypto analyst played out in 2017 and 2021. Specifically, $DOGEjumped from around $0.00022 in 2017 to peak at $0.019 upon breaking out and retesting the descending triangle’s upper trendline. This translated to a price increase of over 9,812%.

In a similar pattern formation in 2021, the leading memecoin staged a 32,425% rally as its price rose from around $0.0025 to $0.75. With $DOGEsuccessfully breaking out and retesting the upper trendline of a similar descending triangle, Crypto Patel expects history to repeat itself.

Trader Tadrigrade has also shared a close price expectation for $DOGE, having seen similarities between the current price action and Dogecoin’s first bull run.

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