Dogecoin ( DOGE ) could be on track for a historic rally that may push the meme cryptocurrency beyond $2, according to an outlook by pseudonymous technical analyst Master Ananda. Looking at the weekly chart, Ananda highlighted that Dogecoin’s last major bull cycle in 2020–2021 spanned 420 days and delivered a staggering 65,527% surge, lifting the price to its all-time high of $0.74. Following the peak, a prolonged bear market ended in June 2022, with DOGE entering a consolidation phase that has now stretched 1,155 days. In a TradingView post on August 17, the analyst noted that the current uptrend, in place since October 2023, has lasted 672 days and shows strength within a rising parallel channel. Dogecoin price analysis chart. Source: TradingView DOGE’s key resistance levels to watch At the same time, he highlighted several key resistance levels that stand out. The first major target is $0.47, which could be reached within a month. A retest of the all-time high near $0.74 would follow, with the next milestone at $1.166, a critical resistance level that could shape the trajectory of this cycle. If bullish momentum mirrors past market extensions, Dogecoin could break into new territory, with the analyst identifying Fibonacci extension targets at $1.85 and $2.55. On the fundamental side, potential institutional interest could further fuel growth. In this case, Grayscale Investments has filed with the SEC to convert its Dogecoin Trust into a full-fledged exchange-traded fund ( ETF ), to be listed on NYSE Arca. If approved, the fund would give retail and institutional investors regulated exposure to Dogecoin without the need for crypto exchanges or wallets. The filing puts Grayscale in competition with Bitwise, Rex Shares, Osprey Funds, and 21Shares, all aiming to launch the first U.S.-regulated Dogecoin ETF. Decision deadlines for these applications extend from October 2025 through early 2026. Dogecoin price analysis At press time, Dogecoin was trading at $0.23, up 1.3% in the past 24 hours, though down 1% on the week. DOGE seven-day price chart. Source: Finbold At current levels, DOGE’s 50-day simple moving average ( SMA ) stands at $0.2122, while the 200-day SMA sits at $0.18. Since the price remains well above both averages, the broader trend is still bullish. Meanwhile, the 14-day relative strength index ( RSI ) is at 53.05, placing DOGE in the neutral zone, neither overbought nor oversold, leaving room for further upside. Featured image via Shutterstock The post Analyst sets Dogecoin’s path to $2.55 record high appeared first on Finbold .