As the crypto market navigates uncertain headwinds, Dogecoin has emerged as a beacon in the night with its outperformance over the last week. Even at a time when coins continue to struggle, the DOGE price is still seeing reasonable upside, and if crypto analysts are anything to go by, the dog-themed meme coin still has a long way to go before it’s done.

Crypto Analyst Ali Martinez has been bullish on the Dogecoin price for a while, and with good reason. The DOGE price has already grown around 100% in the last month. Then, after a brief dip, its price recovered once more to reach a new three-year high.

Following this, Martinez has come forward with an analysis that shows that Dogecoin is indeed just starting. The chart which was shared on X (formerly Twitter) shows multiple price targets for the meme coin ver the next year. In the chart, a number of price targets have already been hit but there’s more to go.

I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.

From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb

— Ali (@ali_charts) March 31, 2024

The crypto analyst pointed out that the Dogecoin price is sticking closely to the trend that was seen between 2018 and 2021, which is incredibly bullish for the coin. This is because, after the DOGE price finished consolidating in 2021, it would go on a massive rally, rising from $0.002 to a new all-time high price of $0.7.

This time around, the DOGE price has been consolidating for three years as well between 2022 and 2024, and the breakout looks to have begun. As a result, Dogecoin could go on a more than 5,000% run to reach new all-time highs.

The analysis shared by Ali Martinez shows the top of the target to be $12 for Dogecoin. Now, if DOGE were to reach this level, it would mean that the price will rise 5,400% from its current value of $0.22 at the time of this writing.

However, before then, there are a number of important levels for the meme coin to clear before it reaches $12. From its current price level, the next point is $0.26 before moving upwards to $0.41. Following this, the chart shows $0.73 and then $1.5. Moving upwards, there’s $2.2, $3.9, $6.22, and then $12 at the very top.

As the analyst explains, despite the emergence of new meme coin competitors, Dogecoin retains its position and the leading meme coin, which lends credence to this analysis. “From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive parabolic bull run!” Martinez said.

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