Dogecoin Could Shock Traders With A Run To $5, Analyst Says

A crypto market commentator behind the High Altitude Investing YouTube channel says Dogecoin may be setting up for a sharp upside move, pointing to a mix of short-term technical signals and a longer-term chart pattern he argues resembles earlier breakout structures seen in Bitcoin and XRP.

In a video from April 17, the analyst framed the meme coin’s current setup as both a near-term trading opportunity and a broader cycle call, arguing that Dogecoin’s correction may be complete and that the asset could ultimately target levels above $2, with a more aggressive long-range scenario reaching $3 to $5.

Why Dogecoin Could Soon Go Vertical

The short-term case rests on classic technical analysis. On the daily chart, the analyst said Dogecoin has completed a “perfect ABC correction,” with wave A, wave B and wave C now in place. He paired that with what he described as bullish divergence on the MACD, calling the combination “a very strong buy signal for this coin” that “should lead to a nice move in the shorter timeframes in the near future here for Dogecoin.”

He also pointed to a breakout on the 45-minute chart, where Dogecoin had been trading inside a triangle pattern before moving higher. “We broke bullish out of this triangle,” he said. “So that’s a super super good signal on the 45-minute timeframe for us to start to climb up here in the shorter timeframe and for us to start to see bullishness in a significant way for Dogecoin.”

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The larger thesis, though, comes from the higher timeframes. Looking at 10-day candles, the analyst argued Dogecoin is now deeply oversold on the MACD, a condition he compared to a previous low that preceded a sizable rally. In his view, the present setup suggests the coin is positioned for a move back into higher resistance zones.

From there, the video shifts into a broader fractal argument. The analyst said Dogecoin is tracing “the exact same pattern that Bitcoin followed before Bitcoin pumped and went vertical in 2021,” describing a sequence of an initial surge, a steep correction, a second rally and another pullback before a much larger move. He extended the comparison to XRP as well, arguing the token followed “the exact same fractal” before its 2024 advance.

“So not only Dogecoin, but Bitcoin and XRP have all done the same exact pattern before,” he said. “So this is a common pattern in crypto and I am expecting a big bullish move on Dogecoin based on this pattern.”That framework feeds directly into his price targets. Using Fibonacci extensions and comparing Dogecoin’s structure with Bitcoin’s prior cycle, the analyst said Dogecoin “could easily go up towards the 3.618,” which he placed at more than $2 per coin.

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He then sketched out a more ambitious path if the trend persists over time. “If it continues to grow over the long term, Dogecoin could even go up to these higher extensions like the 5.618 or the 6.618 here in the bigger picture,” he said.

Later in the video, he made the range even more explicit: “Imagine when this thing hits $3, $5, however high it goes in the big picture, it’s going to blow people away.”

A key part of his argument is that Dogecoin’s scale and liquidity reduce the odds of it being sidelined during a broader market expansion. He noted that Dogecoin was “number eight in volume over the past 30 days” on CoinMarketCap, and said its trading activity has remained consistently high relative to the rest of the market.

The video ultimately makes a macro bet as much as a Dogecoin-specific one. The analyst repeatedly argues that crypto remains in a long-term growth phase and that traders focusing too narrowly on week-to-week headlines may be missing a larger move. Whether Dogecoin follows the path he outlined will depend on that wider market backdrop holding up, but his thesis is clear: if crypto’s next leg higher materializes, he does not expect Dogecoin to be left behind.

At press time, DOGE traded at $0.10.

Featured image created with DALL.E, chart from TradingView.com