Crypto analyst Grasp Kenobi has drawn a similarity between the present Dogecoin worth motion and that of the 2017 bull run. Based mostly on this similarity, the analyst instructed that the foremost meme coin might quickly witness a significant rally prefer it did within the 2017 bull run.
Dogecoin Worth May Rally Based mostly On Similarity With 2017 Bull Run
In an X submit, Grasp Kenobi predicted that the Dogecoin worth might document a significant rally based mostly on its similarity with the 2017 bull run. The analyst highlighted an analogous 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 Could and September, having rallied earlier within the 12 months. Nonetheless, following the interval between Could and September, DOGE continued its upward pattern 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 getting into the second section of its bull run, which might ship the foremost meme coin to its present all-time excessive (ATH) of $0.73 and even larger.
This aligns with Grasp Kenobi’s earlier prediction, by which he opined that the DOGE worth might mirror the August section of final 12 months when a large pump adopted an prolonged consolidation interval. He said that if it mirrors this August section, Dogecoin might document a 6x worth enhance from its present native backside and rally to as excessive as $1.25 earlier than it peaks in April or Could.
DOGE May Outperform The Total Crypto Market
Crypto analyst Dealer Tardigrade raised the potential for the Dogecoin worth outperforming your complete 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 beneficial properties, outperforming different main cap cryptocurrencies within the course of.
Like Grasp Kenobi, Dealer Tardigrade additionally instructed that the DOGE worth might quickly start the following leg of its bull run. In one other X submit, the analyst said that DOGE has proven a protracted wick on the each day chart. He then raised the potential for 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 virtually 2% within the final 24 hours, in keeping with knowledge from CoinMarketCap.
Featured picture from Adobe Inventory, chart from Tradingview.com