Dogecoin Price Echoes Past Bull Run: Will It Rise Above $1 Soon?
26 Fevereiro 2024 - 12:00PM
NEWSBTC
The Dogecoin price has been trending sideways on low timeframes,
but the cryptocurrency might be gearing up for a massive rally. The
bull run across the nascent sector has been unkind to the king of
the memecoins, but an analyst pointed at a potential change in
direction towards a fresh all-time high. Related Reading: XRP Price
Soars: Analyst Predicts Surge Beyond $200 As of this writing, DOGE
has stalled at its current levels with a 2% loss over the past 24
hours. Over the previous seven days, the token has recorded similar
performance, but it remains green on the 2-week and 30-day horizon.
Dogecoin Price Aims For The Moon? 23,000% Rally Possible According
to analyst Ali Martinez, the Dogecoin price is moving with previous
bullish trends. Despite the low timeframe bearish momentum, the
king of the memecoins could record a new massive rally above its
current all-time high near the $0.80 level. As seen in the chart
below, the Dogecoin price experiences a sideways trend, which can
extend to 679 days before exploding into a new all-time high. On
DOGE’s weekly chart, the token records profits of 8,000% and
23,000% each time this happens. In late 2017, when the price of
Bitcoin rose to $20,000, the Dogecoin price followed and broke the
679-day sideways trend with an 8,700% rally. In 2021, the memecoin
experienced a similar breakout but with an even bigger rally. As
the chart shows, Dogecoin might see an even bigger rally above $1
and $3 if this potential rally materializes. This price action is
supported by DOGE’s capacity to move more aggressively to the
upside every time it breaks the long sideways trend. The analyst
stated: The price action of #Dogecoin appears to mirror patterns
observed in its past bull markets. If history repeats itself, we
could see $DOGE enter a parabolic breakout around April! DOGE Price
On The Short-Term On low timeframes, the $0.10 level is critical
resistance for the token to fulfill its bullish potential. NewsBTC
reported that the cryptocurrency hints at a potential breakout, but
DOGE must recover the $0.0914 area before scoring further gains.
Related Reading: Ethereum Price Tops $3,100: Mega Wedge Breakout
Imminent This week, the crypto market might see opposition from
macroeconomic developments, which could spark volatility. If the
Dogecoin price can hold its ground, the possibility of a bull run
will gain further momentum. Cover image from Dall-E, chart from
Tradingview
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