Since January 18, the Dogecoin price dropped by over 35% under the broader market volatility.
The decline has sparked doubts about whether the meme coin’s bull market period has ended.
Analyst Trader Alan suggests Dogecoin price stays inside a bull market which may lead to a major surge.
Dogecoin Price Faces a 40% Drop Amid Market Turbulence
Notably, Dogecoin price has undergone a major decline of about 40% since mid-January when the overall cryptocurrency market witnessed significant volatility.
The decline has been part of a larger pattern of volatility in the altcoin space, with several digital assets experiencing similar struggles.
Consequently, the market corrections and the recent substantial price decrease have generated significant caution among Dogecoin investors about its prospect for future growth.
An analyst views recent price declines as temporary but lasting until the broader cryptocurrency market stabilizes.
Analyst Trader Alan Insists DOGE Is Still in a Bull Phase
According to Trader Alan DOGE price remains in a bull market despite its current retracement period.
Historical data from previous bull runs shows that price corrections were succeeded by remarkable value increases for this cryptocurrency.
Alan describes this period as the “DOGE season” because Dogecoin regularly experiences rapid growth following brief price corrections.
Furthermore, Alan’s historical data indicates that Dogecoin price short-term difficulties do not indicate permanent damage to its bullish outlook for the long term.
The trader argues that DOGE is currently in a short-term pullback, and if history repeats itself, a resurgence could be imminent.
The key, according to Alan, is to recognize the pattern and take advantage of the current market conditions before Dogecoin begins its next significant rally.
Historical Patterns Suggest Surge to $2.2
More so, although Alan does not mention the next targets, looking at historical trends and the chart, the Dogecoin price could reach as high as $2.2 soon.
This represents an over 700% rise from its current price of $0.2559. Alan bases his market prediction on past cycles where Dogecoin exhibited dramatic price increases during bullish market conditions.
The historical market data shows that Dogecoin price increased 8,800% during the 2017-2018 bull market while the 2020-2021 rally resulted in a nearly 28,000% rise.
According to Alan’s assessment, Dogecoin will follow and replicate the past price increases.
While the $2.2 target might seem ambitious, historical data suggests that such a surge is within the realm of possibility.
Another analyst, Javon Marks, has recently speculated that Dogecoin could reach a price point as high as $2. This further adds to the optimism surrounding the meme coin’s future.
Further supporting the bullish outlook, recent analysis shows the Dogecoin price maintaining key support above $0.25, with projections indicating a potential surge to $4.10.
Technical indicators highlight positive momentum, with strong buying pressure preventing significant declines. Whale accumulation and a bullish falling wedge pattern reinforce confidence in DOGE’s upward trajectory.
