the Dogecoin price It was consolidated around the $0.1 mark, as witnessed Noticeable price fluctuations. Amidst this market volatility, the cryptocurrency is displaying a unique historical chart pattern that has been deemed bullish by a cryptocurrency analyst. If Dogecoin continues to stay above this pattern, its price is expected to see a massive 300X rise All-time highs (ATHs) Priced at $30.
Potential pump for pre-rally signals for Dogecoin price
Cryptocurrency Analyst, Trader Tardigrade open A new technical pattern in the Dogecoin price chart, indicating a potential move up to the new ATHS. The analyst took to X (formerly Twitter) on October 5 to discuss this price pattern, highlighting that Dogecoin is currently trading above the 200-day simple moving average (SMA).
The 200 SMA is a key technical indicator used to determine the overall long-term trend of the cryptocurrency market. Based on this price pattern, Trader Tardigrade makes a comparison between the current price action of Dogecoin and the current price action Historical movements From 2017 to 2020.
According to the analyst, Dogecoin reflects previous moves and its price could experience a similar experience Bull rally From the past. From 2017 to 2019, Dogecoin saw a Huge jump in prices Before entering the “pre-assembly phase” and pumping again between 2021 and 2023.
Based on Trader Tardigrade’s analysis, Dogecoin has completed the pre-rally phase and is now ready to move higher. The analyst predicted The cryptocurrency could see a massive 300X rally to $30, before falling back towards the $6 mark.
Historical patterns point to another major rally
And in the last hadith Share XCryptocurrency analyst Ali Martinez revealed that Dogecoin’s current price behavior resembles a pattern from the past, specifically multi-year. Descending triangle pattern formation.
at that time, Dogecoin This pattern broke the critical triangle, causing prices to rise by about 200%. After this huge rise, the price of the meme coin bearing the dog logo fell by about 60%, then entered an even greater level. Running bull.
the next Current price movements of Dogecoina historical descending triangle pattern can be seen, indicating a… Possible breakout to the upside. Martinez revealed that the price of Dogecoin has already seen a 65% decline, and as a result, the analyst predicts that Dogecoin could be poised for the “next big rally.”
Based on Martins Dogecoin price chartPrior to 2017, the cryptocurrency saw a 229.58% rally, rising to $0.00035 after breaking out of a decisive descending triangle pattern. Likewise, between 2018 and 2021, the meme coin broke out of the same triangle pattern, resulting in a 138.04% rise, pushing its price to $0.00318.
With Dogecoin’s latest bearish triangle pattern, which began forming in 2021, and continues into 2024, Martinez expects the price to rise 207.85%, pushing the meme coin above $0.15.
Featured image created with Dall.E, chart from Tradingview.com
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