Dogecoin

Date: Mon, Nov 25, 2024, 09:04 AM GMTThe cryptocurrency market has been on an exhilarating bullish streak, with Bitcoin (BTC) leading the charge by reaching a new all-time high of $99,502 after Donald Trump&#39;s victory in the U.S. elections on November 5, 2024. Alongside Bitcoin, top memecoin <a href="https://coinsprobe.com/dogecoin-is-repeating-the-moon-phase-pattern-could-doge-reach-7/" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a> have also been stealing the spotlight.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9da39fad66f2492dbedde469b1f83255.png" />Dogecoin has experienced a meteoric rise, surging by 221% in the last 30 days, and is currently trading at $0.43. This rally has been further fueled by the buzz surrounding Trump’s announcement that Elon Musk and Vivek Ramaswamy will helm the newly formed &#34;Department of Government Innovation.&#34;<h3 id="doge-mirrors-previous-bull-run-patterns">DOGE Mirrors Previous Bull Run Patterns</h3>Prominent chart analyst <a href="https://x.com/TATrader_Alan/status/1860958108601966599" rel="noopener noreferrer nofollow">&#64;TATrader_Alan</a> has drawn attention to Dogecoin’s current price action, highlighting striking similarities to its historical bull run cycles. His analysis suggests that Dogecoin’s current movement is closely mirroring the price patterns seen between 2018-2021, which eventually led to the token reaching its all-time high of $0.73 in 2021.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ba6afa84173c42eba13c4e45a9064a84.jpeg" />Source: &#64;TATrader_Alan (X)By overlaying the 2018-2021 cycle with the ongoing 2021-2025 cycle, a few key parallels emerge:1.Consolidation and Pullback: In both cycles, Dogecoin experienced an extended consolidation period before a sharp pullback.2.Breakout Momentum: Once the pullback is complete, Dogecoin historically enters a parabolic uptrend, which aligns with the possibility of the token reaching $3 in this cycle.3.Cycle Timing: Both charts suggest that Dogecoin follows cyclical behavior, with major surges occurring near the later stages of the respective cycles.<h3 id="patterns-analysis-is-3-inevitable">Patterns Analysis: Is $3 Inevitable?</h3>By comparing the two cycles side by side, as shown in the chart, the pattern is clear: Dogecoin is building toward another explosive move.<h4>Key Technical Insights:</h4>1.Pullback to $0.30? Analysts predict a potential pullback to $0.30, which would represent a 30% drop from the current price. However, due to the changed market momentum driven by Trump’s victory and the announcement of Musk and Ramaswamy&#39;s leadership in the &#34;Department of Government Innovation,&#34; this time Dogecoin may not see as significant a retracement as previous cycles.2.Current Price Movement: Dogecoin is trading at $0.43, showing strong recovery from its lows earlier this year.3.Fibonacci Extensions: Based on Fibonacci retracement levels from past bull cycles, Dogecoin’s next major resistance is projected near $1.50. Beyond that, a move to $3 aligns with historical parabolic trends.<h3 id="conclusion">Conclusion</h3>Dogecoin’s recent performance and historical patterns strongly suggest that the token could reach $3 in the current cycle. While a pullback to $0.30 remains in under doubt, the heightened momentum stemming from macroeconomic factors and market excitement surrounding Trump’s policies could temper the severity of such a retracement.As always, while optimism runs high, cryptocurrency markets remain volatile, and investors should approach with caution.Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.Also Read: <a href="https://coinsprobe.com/sei-gains-momentum-by-mirroring-suis-recent-rally-can-it-climb-to-2/" rel="noopener noreferrer nofollow">SEI Gains Momentum By Mirroring SUI’s Recent Rally: Can It Climb to $2?</a>

Dogecoin (DOGE) Analysis Mirrors Previous Bull Run Patterns: Is $3 Inevitable?

Table of Contents

CoinsProbe

Other articles published on Nov 25, 2024

Bitwise to Launch First-Ever Aptos Staking ETP on SIX Swiss Exchange

Solana Breaks Barriers with Record DEX Growth

NEAR Protocol to Build World’s Largest Open-Source AI Model with 1.4T Parameters

Trump Media Files for ‘TruthFi’ Trademark to Offer Crypto Services

Michael Saylor’s MicroStrategy Expands its Bitcoin Reserves to 331,000 With Latest Acquisition

Pepe, Solana & Viral ETH Coin: 3 Bullish Picks for November

Join our free newsletter for daily crypto updates!