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Despite the recent crypto-wide market downturn, a widely-followed crypto analyst suggests that the original meme coin Dogecoin could be primed for a mega price bounce.

According to the analyst, the latest pullback has produced a near-perfect cup-and-handle pattern on Dogecoin’s price chart. As such, he believes this bullish setup signals the start of a sustained run to $5 in the foreseeable future.

Mapping Dogecoin’s Road To $5

In a Tuesday post on the X social media platform, crypto strategist CryptoELITES noted that a “big move” is already underway for Dogecoin.

In an accompanying DOGE price chart, the anonymous crypto commentator illustrates the formation of a cup-and-handle pattern.

A cup-and-handle setup is a bullish technical formation that appears when the price drops initially, followed by a U-shaped recovery resembling a “cup.” The recovery is then followed by a period of consolidation, which looks like a “handle.”

In technical analysis, the pattern typically resolves when the price breaks above the handle and rises by as much as the maximum distance between the cup’s trough and the neckline. A successful breakout from a cup-and-handle pattern can spark a meteoric rise since the setup confirms a trend bottom and then a higher sideways consolidation during its formation.

That puts the doggy-themed crypto’s cup-and-handle breakout target at around $5, up by more than 2,300% from current price levels.

Analyst Predicts Major Breakout For DOGE In 2025

In the meantime, analyst Trader Tardigrade has suggested that Dogecoin is approaching a potential breakout that will result in a double-digit price, indicating that the $5 prediction is rather conservative. 

In his Feb. 25 post on X, Trader Tardigrade proclaimed that a 4,635% rally to $10 DOGE is possible this cycle based on historical patterns.

According to his analysis, the meme coin has historically endured a massive price correction just before a “super HUGE bull run.” He observes in a chart that the canine-themed meme coin followed a similar pattern in 2017 and 2021, falling 60% and 56%, respectively.

Nevertheless, DOGE rose significantly from there, registering 8,900% and 30,500% price eruptions in 2017 and 2021.

Tardigrade stressed that Dogecoin had concluded a 50% retreat from its January high and successfully retested the levels from where the structure broke. Therefore, the asset’s next target is $10.