A new technical analysis by TradingShot suggests Dogecoin ($DOGE) could reach $2 by mid-2028, despite expectations for additional downside pressure in the near term.
In a TradingView post published on July 23, TradingShot argued that Dogecoin remains in the latter stages of a long-term market cycle.
According to the analysis, the meme cryptocurrency is currently trading within Cycle 4 of its broader market structure and has yet to establish a definitive bottom.
The forecast comes as Dogecoin continues to trade below $0.10, extending a prolonged consolidation period since its 2021 peak. By press time, $DOGE was trading at $0.07, down about 3.5% over the past week.
Before any major rally begins, TradingShot expects Dogecoin to face further downside. The analyst identified the upper boundary of the asset’s four-year support zone near $0.058 as the likely area where the current cycle could bottom.
The analysis also noted that the Cycle Score indicator has historically entered its buy zone before previous long-term rallies developed. Based on that pattern, the current correction may need additional time before a sustainable uptrend emerges.
This outlook implies a potential decline of roughly 20% from current levels before the next major bullish phase begins.
Dogecoin’s second Super Cycle
While the near-term outlook remains cautious, TradingShot maintained a highly bullish long-term view. The analyst believes Dogecoin is progressing through the second phase of what is labeled “Super Cycle 2,” a period that has historically produced the strongest advances in previous market cycles.
According to the outlook, more than 1,000 days must pass from the Cycle 3 peak before the final parabolic stage can begin. Once that condition is met, Dogecoin is expected to follow a pattern similar to previous cycles and advance toward the 0.618 Fibonacci channel level.
Based on the projected trajectory of that Fibonacci channel, TradingShot estimates that $DOGE could reach approximately $2 by mid-2028.
Notably, TradingShot’s projection aligns with other long-term technical studies that point to 2028 as a potentially significant year for Dogecoin.
For $DOGE to reach $2 from its current level near $0.07, the cryptocurrency would need to gain more than 2,700%.
Although such a move may appear ambitious, Dogecoin has delivered comparable percentage gains during previous bull market cycles.