Coinpaper 2026-02-16 19:57:49

Dogecoin Price Prediction: Analyst Eyes $1 Target After 47% Surge From Key Support

Dogecoin has experienced a significant price recovery from a critical accumulation zone, climbing approximately 47% from recent lows. The rally has renewed optimism among market watchers who believe the meme coin could be positioning for a substantial move toward the $1 mark. The cryptocurrency rebounded from a support level near $0.0375, demonstrating strength after months of downward pressure. This recovery represents a notable shift in momentum for the digital asset, which has struggled to maintain upward trajectory amid broader market volatility. Accumulation Zone Drives Recovery Market analyst Crypto Patel identified a multi-year accumulation zone that has provided strong support for Dogecoin's recent bounce. The zone, which extends from approximately $0.06 to $0.08, has acted as a foundation for the cryptocurrency's price action across multiple market cycles. The recent surge included an 8.57% daily gain that pushed DOGE toward $0.113. This move caught the attention of both short-term and long-term market participants. Crypto Patel suggested that short-term traders might consider profit-taking at current elevated levels. For long-term holders, any pullback from $0.113 into the $0.06 to $0.08 range could present accumulation opportunities. The analyst projects potential targets at $1 and $2 for the next bullish phase. The accumulation zone marked on technical charts shows Dogecoin has respected this area as higher-timeframe support. Historical data reveals two major breakouts occurred before reaching this zone. The first breakout happened at the lower boundary of a descending channel. A second breakout followed during a later consolidation phase. After these moves, the cryptocurrency retraced and tested key levels before settling into the current accumulation zone. The price action now suggests renewed bullish momentum after an extended period of decline. Technical Targets Point to Significant Upside Fibonacci extension analysis and measured move projections indicate substantial upside potential. One target sits at $0.567, representing a potential 409% rally from lower levels. More ambitious projections suggest prices could reach $2 or even $4 if bullish momentum continues. Data indicates the cryptocurrency has declined 2.15% over the past 24 hours, trading around $0.1006 at the time of writing . This pullback highlights the ongoing volatility in the meme coin sector. Crypto Patel highlighted a crucial invalidation level near $0.056 that sits just below the accumulation zone. A breach of this level could signal a return to the previous downtrend. This price point serves as a line in the sand for the bullish thesis. The analyst warned that a weekly close below the $0.06 range could undermine the broader bullish structure. Such a move would weaken the foundation supporting current recovery efforts.

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