‘Dogecoin Appears to Mirror Patterns Observed in Its Past Bull Market’, Analyst Shares When DOGE Could Do a Parabolic Breakout

February 26, 2024

Intriuging tweets by high-profile crypto traders have sparked speculation that meme coin icon Dogecoin may be on the verge of a massive rally.

What you'll learn 👉

History Rhymes for Dogecoin

Popular analyst Ali noted some similarities between current Dogecoin price action and patterns that played out during previous bull markets.

“The price action of Dogecoin appears to mirror patterns observed in its past bull markets,” Ali stated. “If history repeats itself, we could see $DOGE enter a parabolic breakout around April!”

A fellow respected trader, JACKIS, tweeted about DOGE with the historical comparison and reiterated that the question is not if but when Dogecoin will rally again.

“For $DOGE it’s a matter of when, not if,” JACKIS tweeted. And DOGE is now like an index price for all the other meme coins out there. If it does 500%, the others will do 5000%.”

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Extended Range Bound Trading Precedes Rallies

Adding credence to the speculation, analytics account Crypto Daily Trade Signals chimed in with some insightful statistics:

“Dogecoin Breakout and Consolidation The previous rally was preceded by a range formation that lasted 576 days, or a year and seven months.”

Specifically, the tweet notes that the previous Dogecoin rally was preceded by nearly 1.5 years (576 days) of the price oscillating within a relatively narrow trading range. Once Dogecoin finally broke out above the upper boundary of this range, an utterly explosive 18,376% rally followed over the coming months.

Examining the current Dogecoin price action, the tweet observes that Dogecoin has now spent a similar period of 483 days (over 1 year and 4 months) bouncing around within a clearly defined range between resistance and support.

The conclusion is that based on the symmetrical timing precedents, Dogecoin may need around 3 more months of consolidation before having enough momentum to break out into another potential parabolic advance.

So if history indeed repeats itself, Dogecoin could be on the cusp of a parabolic advance similar to past bull market surges. After extended consolidation, Dogecoin may once again assert itself as the apex meme coin

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