Dogecoin Price Shows Similarities To 2017, Will It See A Major Rally As Well? | Bitcoinist.com

Crypto analyst Grasp Kenobi has drawn a similarity between the present Dogecoin worth motion and that of the 2017 bull run. Primarily based on this similarity, the analyst advised that the foremost meme coin might quickly witness a significant rally prefer it did within the 2017 bull run. 

Dogecoin Value May Rally Primarily based On Similarity With 2017 Bull Run

In an X put up, Grasp Kenobi predicted that the Dogecoin worth might document a significant rally primarily based on its similarity with the 2017 bull run. The analyst highlighted an identical formation between DOGE’s present sample and one which took form in mid-2017, though he admitted that there have been little variations. 

Grasp Kenobi remarked that if the sample performs out precisely, the height for the Dogecoin worth might occur by the tip of April. His accompanying chart confirmed that in 2017, Dogecoin witnessed a vital downtrend between Might and September, having rallied earlier within the 12 months. Nevertheless, following the interval between Might and September, DOGE continued its upward development because it rallied to as excessive as $0.01 in December that 12 months. 

Equally, the Dogecoin worth has witnessed a major downtrend from November until date, having rallied between September and October final 12 months. Similar to in 2017, this downtrend might quickly finish, with Dogecoin coming into the second part of its bull run, which might ship the foremost meme coin to its present all-time excessive (ATH) of $0.73 and even greater. 

This aligns with Grasp Kenobi’s earlier prediction, wherein he opined that the DOGE worth might mirror the August part of final 12 months when a large pump adopted an prolonged consolidation interval. He acknowledged that if it mirrors this August part, Dogecoin might document a 6x worth improve from its present native backside and rally to as excessive as $1.25 earlier than it peaks in April or Might. 

DOGE May Outperform The Whole Crypto Market

Crypto analyst Dealer Tardigrade raised the opportunity of the Dogecoin worth outperforming your entire crypto market. The analyst appeared satisfied that this might occur as he alluded to the 2021 bull cycle when the foremost meme coin recorded historic good points, outperforming different main cap cryptocurrencies within the course of. 

Like Grasp Kenobi, Dealer Tardigrade additionally advised that the DOGE worth might quickly start the following leg of its bull run. In one other X put up, the analyst acknowledged that DOGE has proven an extended wick on the day by day chart. He then raised the opportunity of this candle triggering one other bull run, like in late 2024. Dealer Tardigrade additionally asserted that the foremost meme coin nonetheless has the potential to pump.

On the time of writing, the Dogecoin worth is buying and selling at round $0.26, down nearly 2% within the final 24 hours, based on knowledge from CoinMarketCap.

Featured picture from Adobe Inventory, chart from Tradingview.com