Dogecoin Price to $3.69? This Chart Pattern Suggests So

A prominent trader has suggested that doggy-themed crypto Dogecoin could be set to quadruple its all-time high.

In an X post on Sunday, February 9, highly followed crypto trader “Trader Tardigrade” suggested that Dogecoin could be gearing up for a rally to the $3.69 price point.

While it is a modest target compared to recent $20 calls, it is still 4 times DOGE’s all-time high of about $0.74 and nearly 14 times its current price of about $0.25.

The analyst based their projections on an ascending channel pattern formed by the memecoin’s price action since 2014 on the monthly candle chart. Per the chart, the asset appears to be on its way to revisiting the top of this channel, which Trader Tardigrade anticipates will align with the $3.69 level.

Ascending channel on DOGEUSD monthly candle chart Source Trader Tardigrade

Unsurprisingly, amid current market uncertainty, not many community members appear to be as optimistic as Trader Tardigrade, with some asserting they will be content with just revisiting previous all-time highs at $0.74.

Despite this pessimism, DOGE is not without catalysts.

Elon Musk and ETFs

For one, the memecoin may be set to get increased visibility thanks to its long-running support from the world’s richest man and Tesla CEO, Elon Musk.

Recently, the billionaire has been appointed as head of the Department of Government Efficiency, a non-governmental agency tasked with informing government spending cuts, which he has cheekily named D.O.G.E. Clearing any doubts as to the link between this name and the memecoin, the D.O.G.E. website launched sporting the logo of the crypto.

Beyond Musk’s antics, DOGE may soon see fresh demand from institutions as several fund managers have thrown their hats in the ring to launch exchange-traded funds based on the asset. These asset managers include REX Advisers and Osprey Funds, Bitwise, and Grayscale.

Analysts have suggested that the proposed fund from REX Advisers and Osprey Funds could go live as soon as April 2025, barring a rejection from the Securities and Exchange Commission.