Due to Dogecoin’s recent market action, the price is now hovering below $0.20, after rising to $0.208 in the last 24 hours. Despite the consolidationanalysts and traders are take a good look at the meme coinbelieving that the next big step could redefine the long-term trajectory.
Among those voices is crypto analyst EtherNasyonaL, who predicted that Dogecoin’s third and most powerful bullish phase is still ahead. His technical analysis on the monthly chart presents a structure that reveals the basis for a new massive uptrend that is already above $0.8 in motion.
Dogecoin’s first two bull waves set the stage
The monthly candlestick price chart shared by EtherNasyonaL draws attention to Dogecoin’s cyclical nature since 2014, with two completed bull waves and a third forming. Each of these bullish waves formed after Dogecoin broke above and then retested the upper trendline of a descending channel from lower highs that had limited price action in previous years. This retest was also highlighted by a confluence of the 25 Moving Average (MA) indicator.
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The first wave, which started in 2017, caused Dogecoin’s first exponential rise from near-zero levels, right when the meme coin entered popular crypto discussions. The second, and much more explosive, bull wave occurred between 2020 and 2021, when Dogecoin rose from below $0.003 to an all-time high of $0.7316, which has held until now.
Each bull run started once Dogecoin regained its 25-month moving average as support, after longer consolidation periods spanning several months. The current setup reflects the same condition as the 25MA line has once again turned upwards and Dogecoin has successfully retested the upper trendline of its previous descending channel as shown in the chart below.
Dogecoin 1M price chart. Source: @EtherNasyonaL on X
3rd Bull Wave Setup: Resistance retested, accumulation underway
The analysis shows that Dogecoin recently broke away from a long-term downtrend that spanned between mid-2021 and early 2025. recent liquidation events in the crypto market In October, Dogecoin price completed a successful retest of the resistance level, which has now become support, around the price range of $0.17 to $0.20.
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Also this successful retest coincides with a simultaneous bounce outside the lower trendline of an ascending channel. EtherNasyonaL describes the current price action as Dogecoin “building strength in the lower band of a multi-year rising channel.”
The projected trajectory on the map above shows that Dogecoin is following its established pattern by moving from the lower region of the ascending channel to the upper boundary. If the third bull wave plays out like the previous two, Dogecoin’s price could challenge the all-time high of $0.73 and enter new price areas. The first price target in this case is $0.8, and in the long term even $4.
Featured image created with Dall.E, chart from Tradingview.com
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