February 4, is shaping up to be a pivotal day for the Dogecoin price, as a crypto analyst forecasts a possible bullish trend. Historically, this date has proven to be a significant moment for the meme coin, igniting a major breakout to the upside. With Dogecoin’s recent price action hinting at a possible shift, the analyst is left wondering if Dogecoin can mirror previous trends and initiate a similar price breakout. 

February 4th: A Big Day For Dogecoin?

Over the past year, Dogecoin has followed a peculiar trend, experiencing major price movements at exactly 183-day intervals. Crypto analyst, Master Kenobi disclosed on X (formerly Twitter) on January 10 that Dogecoin had begun a strong uptrend on February 4, 2024, climbing within a well-defined ascending channel. 

A closer look at the analyst’s price chart reveals that the meme coin experienced a breakout on February 4, 2024. Exactly six months later (183 days), on August 5, Dogecoin witnessed one of its most dramatic drops of the year. This massive correction had pushed the price of DOGE almost precisely where its value was when it first started its uptrend in February. 

With February 4, 2025, approaching, Master Kenobi is closely watching to see if Dogecoin’s historically bullish pattern will repeat. Technical chart analysis shows that the DOGE price has maintained a bullish structure, trading within a long-term ascending channel. 

The meme coin’s price action also mirrors the consolidation observed during the previous breakout. Currently, Dogecoin is holding steady, consolidating near a key support level at $0.33, marked by the green trendline. Based on his price chart, Master Kenobi has highlighted the potential for the meme coin to mirror past trends and initiate a massive price rally to new highs. The analyst has set a bullish target around the $0.6 level, representing a potential 81.8% surge from the meme coin’s current market value. 

Although historical trends can provide insights into potential future price movements, Master Kenobi emphasizes taking his predictions with a grain of salt. He acknowledges that his analysis is mere ideas and observations intended to help provide a comparative perspective to traders and investors. He warns that investors should not treat his forecasts as a “life or death gamble” but rather an informative guide. 

DOGE Targets $0.36 After Triangle Breakout

According to a new analysis by prominent crypto analyst Ali Martinez, the Dogecoin price is targeting a new resistance level of $0.36. In December last year, the price skyrocketed well above the $0.4 mark, aiming to break its ATH of $0.74.

After its explosive price rally, the meme coin experienced a significant pullback, dropping to trade at $0.32 currently. Based on CoinMarketCap’s data, Dogecoin has recorded another price decline, plummeting by approximately 7.6% in the past week. 

Despite this seemingly bearish performance, analysts like Martinez remain bullish. He has identified a new change on the Dogecoin price chart, revealing that the meme coin has successfully breached a Symmetrical Triangle pattern. The meme coin broke above the triangle pattern when its price surpassed the $0.329 mark. 

After this new break out, Martinez predicts DOGE could initiate a 9.38% rally, potentially regaining the losses incurred over the past week. This upward momentum could elevate the price to the new target of $0.36.

Featured image from Unsplash, chart from Tradingview.com

The global crypto market witnessed turmoil as the week kicked off, primarily in the wake of U.S. President Donald Trump’s new tariffs rattling broader markets. Bitcoin (BTC) price crashed as low as the $91K level on Monday, whereas altcoin prices dipped in sync. Simultaneously, the cryptocurrency sector recorded massive liquidations, underscoring investor uncertainty amid the rising heat of global trade wars.

Here’s a brief report on the most buzzworthy cryptocurrency market updates on February 3.

Crypto Market Slumps Amid Trade War Speculations With Trump’s New Tariffs

Following Donald Trump’s new import tariffs on Canada, Mexico, and China, global markets witnessed shockwaves as speculations of trade wars persist. In light of this saga, BTC & Altcoins showcased an alarmingly slumping action. Notably, ETH & leading meme coins lost roughly 20% value in the past 24 hours.

Further, the global cryptocurrency market cap dropped nearly 9.5% in value to $3.04 trillion over the past day. However, amid rising liquidations and selloffs, the total market volume rose by 182% to $286.91 billion.

Bitcoin Price Today Loses 5% Amid Broader Crypto Market Trend

Amid the broader market turmoil, BTC price witnessed a 5% dip to trade slightly above $94K as of press time. However, it’s notable that the coin’s intraday low and high were $91,242.89 and $100,485.89, respectively. Despite the falling action, BTC’s dominance was up 2.76% to 61.38%, indicating that alts have taken additional heat. Coinglass data indicated that the flagship crypto witnessed over $397 million worth of liquidations in the past 24 hours, aligning with the price drop.

Ethereum Price Dips Nearly 20%

ETH price witnessed an 18% decrease in value intraday and is currently trading at $2,551. The coin’s 24-hour low and high were $2,159.28 and $3,137.25, respectively. Even Ethereum mimics a crash in line with the broader trend as selloffs are on the rise. Lookonchain recently posted on X that an ETH whale that was dormant for over 6 years revived to sell all holdings right before the crash. Further, Coinglass data showed over $576 million worth of liquidations for the coin in the past 24 hours.

XRP Price Falls Below $2.5

XRP price plunged over 20% intraday and is currently sitting at $2.26. The coin’s 24-hour low and high were $1.95 and $2.92, respectively. XRP liquidations over the past day totaled $110.5 million, aligning with the broader crypto market trend.

Solana Price Slips 6%

Meanwhile, SOL price pulled back nearly 6% in the past 24 hours, reaching $197.46. The coin’s intraday bottom and peak were $180.41 and $215.54, respectively. Even SOL recorded $83 million worth of liquidations in the past 24 hours, per Coinglass data.

Meme Crypto Market Slumps In Sync

Dogecoin (DOGE) price fell by 22% in the past 24 hours, reaching $0.2326. Further, Shiba Inu (SHIB) price also tanked 21% intraday and is resting at $0.00001355. PEPE price crashed 26% to $0.000008983.

Overall, the meme coin market mirrors a bearish movement, aligning with the broader market trend.

Top Crypto Market Gainers Today

Some tokens have even defied the broader trend today by trading in the green zone:

Fartcoin (FARTCOIN)

Price: $0.7048
24-Hour Gain: +11%

Hyperliquid (HYPE)

Price: $22.76
24-Hour Gain: +2%

DeXe (DEXE)

Price: $21.34
24-Hour Gain: 1%

Top Crypto Market Losers Today

FLOKI

Price: $0.00008114
24-Hour Loss: -31%

Optimism (OP)

Price: $0.9035
24-Hour Loss: -31%

Filecoin (FIL)

Price: $2.95
24-Hour Loss: -30%

As mentioned above, the market’s slumping action aligns with investor uncertainty amid Trump’s new tariffs. In turn, the cryptocurrency sector has recorded over $2 billion worth of liquidations in the past 24 hours, per the Coinglass liquidation heat map. Market watchers remain uncertain at the moment, with some expecting recovery whilst others reflecting a bearish stance on future movements.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.