Dogecoin (DOGE) is trading near the key $0.10 support level on Wednesday, February 4, as experts reassess whether the meme coin’s historical price cycles could re-emerge amid ongoing market volatility.
The move comes as broader crypto markets consolidate, keeping speculative assets like DOGE under close watch from traders and short-term investors.
As per the analysis by a crypto analyst named Hailey LUNC, the previous bull cycles for the DOGE token have seen significant gains during previous market growth phases.
Hailey LUNC mentioned that the DOGE token has seen an estimated 95x growth during the first bull cycle, followed by an even higher growth of approximately 310x during the second bull cycle, fueled by high risk appetite for cryptocurrencies.
Also Read: Dogecoin Could Slump Toward $0.087 Despite Recent Bounce
Dogecoin Cycle Structure Fuels $5 Price Speculation
As the market continues its transition into a new phase, there are a few market participants who are looking at the potential for the price of DOGE to reflect a part of its past performance, especially as liquidity levels improve.
According to past cycles, the speculative targets that are being discussed among experts are showing a potential for the price of DOGE to hit levels as high as $5.
Source: Hailey LUNC X Post
However, analysts note that such projections are still speculative and depend on various factors, including general market inflows, the trend of dominance of the Bitcoin market, and retail investors’ participation. They also note that past performance does not necessarily translate to future results.
Dogecoin Tests Key $0.10 Support Amid Bearish Trend
According to TradingView, as of Wednesday, February 4, Dogecoin’s weekly chart continues to show a bearish structure as price is still trading below the 20-week EMA, 50-week EMA, and 100-week EMA, which have now turned into resistance levels. The DOGE is also trading near the lower Bollinger Bands.
The price has also been making lower highs since its late 2024 top, thus validating a downtrend. The 200-week EMA, currently residing near the mid-$0.15 mark, continues to be a significant technical hurdle that bulls must clear if any trend change is to be contemplated.
Source: TradingView
A move above the $0.10 price level, which is a support zone, is considered to be significant for the coming sessions.
Traders and investors are warning that a close below the $0.10 price level may cause DOGE to trade at lower historical demand zones, which may cause high volatility in the token. On the other hand, a move above the support zone may cause DOGE to be on traders’ watchlists.
Also Read: Dogecoin Shows 2020-Like Structure As Dollar Loses Strength
