Dogecoin (DOGE) Price Could Resume Surge to New All-Time High as Familiar Bullish Pattern Reemerges
Dogecoin’s price action is currently displaying a repeat of the 2020 ‘Reversal Box’ pattern. This pattern, which was noted by a top crypto analyst on X, CEO, has manifested as three higher lows, indicating a strong bullish trend.
The crypto analyst notes that Dogecoin recently broke through a significant resistance level, reminiscent of its previous price surges.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Comparing the 2020 and the 2024 DOGE Price Pattern
The analyst compared Dogecoin’s price action in 2020 and 2024. They show striking similarities.
The 2020 chart illustrates a “Reversal Box” where Dogecoin formed three consecutive higher lows. This was followed by a breakout that led to a dramatic price surge, marking a new all-time high (ATH).
In a parallel manner, the 2024 chart displays a similar setup, suggesting that Dogecoin is poised for another potential rally.
The analysis shows a downward-sloping trendline acting as resistance in both charts. In 2020, once Dogecoin broke above this trendline, a significant upward move started.
Read Also: Is Kaspa (KAS) Actually Dead?
The current chart from 2024 indicates that Dogecoin may again be on the brink of breaking through this resistance, setting the stage for a possible price explosion. The repeating pattern suggests that the price action in 2024 closely mirrors the bullish setup seen in 2020.
The formation of three higher lows, followed by a potential breakout, points to a strengthening uptrend. This could indicate an upcoming rally similar to what Dogecoin experienced previously, raising hopes for another all-time high.
The analysis suggests that Dogecoin’s current trajectory may be on the edge of a significant leap, akin to the breakout witnessed in 2020. If the price manages to successfully breach the identified resistance, it could spark a considerable rally, potentially reaching new heights. However, market participants are advised to stay attuned to other influencing factors and trends before finalizing their trading strategies.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
