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Dogecoin (DOGE) has been kicked out of the top 10 position of highly capitalized cryptocurrencies...again...as its price dropped 1.77% to $0.08395. Though the drop is not steeper compared to last week, Dogecoin has maintained positive growth in the past month, a good omen that compliments market analyst Ali Martinez’s&nbsp;<a href="https://twitter.com/ali_charts/status/1760921211251425472" rel="noopener noreferrer nofollow">current speculations</a>.
The analyst shared a chart that shows the historical trends of Dogecoin. The current setup, according to Martinez, shows familiar behavior to the trends the coin displayed sometime in 2020. At the time, Dogecoin "broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%."
At the moment, Dogecoin has also&nbsp;<a href="https://u.today/dogecoin-doge-rebound-triggered-as-whales-drive-1-billion-volume" rel="noopener noreferrer nofollow">broken out</a> of its descending triangle pattern and is undergoing a sustained consolidation phase. Should the historical trend repeat itself, the meme coin is likely to print another parabolic upsurge in the long term.
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 The price action of <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Dogecoin</a> is showing familiar patterns reminiscent of its 2020 behavior. Back then, <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$DOGE</a> broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%. Currently, <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DOGE</a> appears to be mirroring this pattern: having… <a href="https://t.co/69yXnlYRJd" rel="noopener noreferrer nofollow">pic.twitter.com/69yXnlYRJd</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1760921211251425472?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
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If a similar growth pattern to the 2020 cycle is recorded, Dogecoin could soar as high as $24; however, considering its massive supply, this price is somewhat unrealistic. For members of the Doge Army,&nbsp;<a href="https://u.today/dogecoin-to-1-top-trader-sets-sights-on-ambitious-target" rel="noopener noreferrer nofollow">breaching the $1 benchmark</a> remains the core goal, and attaining this level will be considered a satisfactory top in the coming bull run.
<h2 id="riding-on-bitcoin-s-wings">Riding on Bitcoin’s wings</h2>
Despite the popularity of Dogecoin, it has limited use cases driving its growth. This has placed it at the mercy of Elon Musk’s comments and memes; however, with those drying up at the moment, this leaves Dogecoin to ride on the tides of the fundamentals in the broader market.
This current fundamental is driven by the&nbsp;<a href="https://u.today/giant-14-billion-in-bitcoin-btc-accumulated-by-etf-providers" rel="noopener noreferrer nofollow">emergence of spot Bitcoin ETFs</a> and the growth of the coin overall. Should the ETF hype continue, the impact on the altcoins correlated with it is high, and for coins with fewer fundamentals like Dogecoin, the upside potential is enormous.

Dogecoin (DOGE) Historical Trends Show Major Rally Might Be Underway

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