Chart analyst Crypto Patel (@CryptoPatel) has made a bold claim regarding Dogecoin's current price position, suggesting that it has returned to a significant macro support band that previously led to explosive price movements. According to Patel, the price range of $0.10 to $0.06 is now a critical 're-accumulation' zone, with potential upside targets reaching as high as $4, should historical patterns hold true.

In a recent post on X, Patel shared a two-week DOGE/USDT chart, emphasizing that Dogecoin is now at the exact level that triggered a staggering 17,000% pump in the past. He points out that this multi-year base has repeatedly acted as a demand zone since 2021. His analysis suggests that the current dip is more of a typical cycle reset rather than a sign of a breakdown.

Patel expressed his bullish sentiment, stating, "This Weekly / 2W Chart is Screaming Accumulation," and highlighted the macro demand zone's resilience in the $0.10 to $0.06 range. This support level has historically been a launchpad for significant price surges. The argument is straightforward: Dogecoin has experienced a sharp retracement from its all-time high and is now revisiting a zone where past parabolic expansions began.

The analyst characterized the current situation as an '-87% Down From ATH - Classic Cycle Reset' and pointed out that every previous touch of this demand zone has led to substantial upward movements. He cites two historical rallies: the 2021 surge, which he refers to as a '+17,000%' rally, and a more modest '+600%' advance anticipated in 2024.

Patel has outlined three targeted price points for Dogecoin's potential recovery: $0.50, $1.50, and ultimately $4.00. He describes this as a 'Full Cycle Extension ~5,500%,' indicating that he envisions a multi-stage price movement rather than a simple straight-line rally.

In addition to the technical analysis, Patel has also linked a long-term narrative to the potential for Dogecoin's growth. He cites a recent comment from Elon Musk regarding SpaceX's plans to send a literal Dogecoin to the Moon, which he believes could serve as a fundamental catalyst for the cryptocurrency's price movement. Musk's playful nod to the idea of sending Dogecoin to the Moon has reignited interest among enthusiasts, with many interpreting his remarks as a potential timeline for 2027.

The overarching message from Patel's analysis is clear: 'Smart Money Accumulates When Sentiment Is Dead. Retail Buys When Price Is Vertical.' This sentiment captures the contrasting strategies between seasoned investors and retail traders. The future of Dogecoin's current base will depend on whether it can maintain the critical support level of $0.10 to $0.06 on a weekly closing basis. Traders will be closely monitoring this range as they assess how much of the 'cycle extension' framework remains applicable in a market that has already experienced one significant rebound post-2021.

As of now, Dogecoin is trading at approximately $0.09857, and the market sentiment surrounding it remains cautiously optimistic. Whether Patel's projections will come to fruition hinges on the cryptocurrency's ability to hold its ground in this crucial support zone. The coming weeks will be instrumental in determining if Dogecoin can indeed rally back toward those ambitious targets or if it will succumb to further downward pressure. In the world of cryptocurrency, where volatility is king, all eyes will be on Dogecoin as it navigates this critical juncture.