Dogecoin (DOGE) Price Could See a Parabolic Move Soon if History Repeats Itself, Analyst Explains
DOGE’s price has gone through some big swings in past market cycles. Looking at data from X (formerly Twitter), crypto analyst Ali points out that DOGE could be setting up for another big run based on how it’s moved before. Looking at the charts, Ali thinks DOGE’s recent price action might be the start of something bigger.
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Historical Data Suggests Recurring Parabolic Trends
The numbers tell an interesting story. Back in 2017, DOGE shot up 212%, then dropped 40%, before exploding 5,000% higher. Then in 2021, it climbed 476%, fell 56%, and rocketed up 12,000%. Looking at these patterns, there might be a rhythm to how DOGE moves.
Ali noted that, in 2024, Dogecoin’s price has already climbed by 440% and experienced a 46% retracement. If history repeats itself, this setup could pave the way for another significant upward movement. Historical data supports the possibility of continued growth if the current consolidation phase transitions into a breakout.
DOGE Chart Analysis
The provided chart shows Dogecoin’s price moving within a rising channel. This channel has historically served as a guide for dynamic support and resistance levels. The lower boundary acts as a critical support zone, while the midline and upper boundary often signal temporary resistance during upward moves.
Additionally, Fibonacci retracement levels on the chart align with previous correction points, suggesting areas of price consolidation before renewed growth. Despite the absence of volume data, the steep inclines in previous rallies imply strong momentum and accumulation phases.
Analyst Cites Historical Patterns as Key Indicators
Ali’s analysis emphasizes the cyclical nature of Dogecoin’s price action. The combination of a rising channel and repeated retracement-to-rally patterns supports the case for another parabolic surge. The current retracement appears to mirror previous corrections that preceded significant price increases.
Dogecoin’s ability to maintain its position within the rising channel and break resistance levels could determine whether the cryptocurrency follows its historical trend. As the market anticipates its next move, investors are watching closely for signs of a potential breakout, which may drive Dogecoin’s price to new highs.
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