Dogecoin Hits Key Demand Zone: Analyst Predicts $4 Target

In a detailed analysis shared on February 3, chart analyst Crypto Patel (@CryptoPatel) presented a 2-week DOGE/USDT chart, highlighting that Dogecoin has returned to what he describes as the “EXACT level that triggered 17,000% pump.” According to Patel, the $0.10–$0.06 price band has acted as a multi-year base and strong support since 2021, repeatedly serving as a demand zone. The core argument is straightforward: DOGE’s sharp retracement from its peak is not a breakdown but a typical “cycle reset,” bringing it back to the same structural region where prior major expansions originated.

Patel characterized the current drawdown as “-87% Down From ATH – Classic Cycle Reset,” emphasizing the historical precedent. “Every Previous Touch of This Zone Led to a Parabolic Expansion,” he wrote, specifically citing the 2021 move he quantified as a “+17,000%” rally and the 2024 advance labeled “+600%.” The analysis hinges on the idea that this zone represents a “re-accumulation” area for smart money, contrasting it with retail behavior that typically buys during vertical price moves. The technical setup’s validity is contingent on one clear condition: the price must hold this band on a weekly closing basis. Patel explicitly states the “Invalidation: Weekly Close Below $0.06,” which would negate the thesis that the region is functioning as higher-timeframe demand.

Building on the historical pattern, Crypto Patel’s roadmap for Dogecoin outlines a multi-stage progression rather than a single, straight-line rally. The analysis defines three distinct upside targets: $0.50, $1.50, and ultimately $4.00. This final target represents what Patel terms a “Full Cycle Extension ~5,500%.” The tiered structure suggests an expectation of phased movements, potentially aligning with broader market cycles and increasing adoption narratives.

The ambitious $4 target, while speculative, is framed within the context of DOGE’s historical volatility and capacity for parabolic moves when emerging from its key accumulation zones. The analysis, as reported by Bitcoinist, does not specify a timeline but implies the move would unfold over a longer cycle. The critical variable, as Patel notes, is whether DOGE’s current base will behave like prior cycles in a market that has already experienced one sizable post-2021 rebound. The success of this “cycle extension” playbook depends entirely on the cryptocurrency maintaining its footing above the defined $0.06 support level on weekly charts.

Beyond the technical chart patterns, Patel’s analysis attempts to fortify the long-term bullish narrative with a fundamental catalyst tied directly to Dogecoin’s most prominent supporter. Under a header reading “LONG-TERM FUNDAMENTAL CATALYST (DON’T IGNORE THIS),” Patel references Elon Musk, writing: “Elon Musk has Confirmed that SpaceX (@SpaceX) Plans to Send a Literal #Dogecoin to the Moon.”

This reference is to Musk’s recent revival of the “Dogecoin to the moon” narrative on X. As Bitcoinist reported, Musk replied to a fan, suggesting SpaceX could send a literal Dogecoin to the Moon “maybe next year,” which the community widely interprets as around 2027. While symbolic, this announcement is leveraged within the analysis as a narrative driver that could sustain long-term interest and align with the multi-year accumulation and expansion cycle proposed in the technical setup. The combination of a defined historical support zone and a high-profile, future-facing catalyst from figures like Elon Musk and entities like SpaceX creates a dual-pronged argument for Dogecoin’s potential trajectory.