Dogecoin may soon end with a roadmap of 5 dollars

After plummeting in recent weeks, the price of Dogecoin may be approaching the end of the bearish cycle as historical chart patterns indicate a new bullish trend across multiple time frames. Despite the downturn, a cryptocurrency analyst pointed out that this meme coin, currently hovering around the $0.2 mark, could potentially soar to a new all-time high of $5. The price roadmap for Dogecoin to reach 5 dollars In a social media post on X on August 4, renowned market expert 'CryptoELITES' painted a highly optimistic picture of Dogecoin's price. The analyst believes that DOGE may be on track to achieve its next major bullish target, forecasting a strong rally to $5. This optimistic outlook comes despite the fact that this meme coin has fallen over 10% this week and continues its bearish trend. Based on the analysis of CryptoELITES, Dogecoin may soon end this bearish spiral and begin a new bullish trend. The accompanying chart from the analyst shows an attractive long-term bullish pattern for this cryptocurrency. Over the past few years, Dogecoin has followed a consistent structure of descending triangle patterns, each of which has been resolved by strong bullish breakouts.

Each descending triangle seen on the chart appears during previous bullish market cycles. This pattern begins with a strong bullish move, followed by a prolonged consolidation phase, marked by a series of lower highs and relatively equal lows. When the price compression reaches a critical point, Dogecoin often breaks out strongly in the upward direction. This trend has repeated multiple times over the years, with each breakout pushing the price of this meme coin to higher levels than before. According to the latest chart, Dogecoin has once again formed a descending triangle pattern, but this time it is after a consolidation following the peak bullish run of 2021. The price is currently fluctuating just above the breakout zone, which is where previous bullish moves were triggered. CryptoELITES has marked this area with a circle, indicating accumulation potential. If past patterns repeat, Dogecoin could enter a vertical growth phase, potentially targeting the area marked on the chart around $5.14. The short-term reversal of Dogecoin is happening. Regarding the short-term prospects of Dogecoin, cryptocurrency market analyst James Bull shared an analysis on X, outlining the bullish target for this meme coin in the wake of the recent plummet. Bull noted that Dogecoin is currently fluctuating around a key support level of $0.19538. After experiencing a significant fall from previous highs, DOGE has now returned to this historically strong support area, which previously served as a crucial pivot point. Expert analysis shows a bullish trading setup with the potential to open a buy position targeting the level of $0.27144. A clear stop-loss has been set just below the support area, creating a potential risk/reward ratio for traders. If buyers can defend this support level and push the price of the meme coin up, this could confirm the analyst's short-term reversal theory and may signal the beginning of a larger upward trend.