I Dogecoin price it was totaling around the $0.1 mark, it meets significant price volatility. Amid this market volatility, the cryptocurrency is showing a unique historical chart pattern that crypto analysts consider bearish. If Dogecoin continues to stay above this pattern, its price is expected to witness a massive run of 300X New All Time Highs (ATHs) for $30.
Dogecoin Price Pre-Rally Stage Signals Potential Pump
Crypto analyst, Trader Tardigrade has it it was revealed a new technical pattern on Dogecoin’s price chart, indicating a possible upside to the new ATHS. An analyst took to X (formerly Twitter) on October 5 to discuss this price pattern, stressing that Dogecoin is currently trading above 200-day Simple Moving Average (SMA).
The 200 SMA is the main technical indicator used in determining the long-term market trend of a cryptocurrency. Based on this price pattern, Trader Tardigrade draws a comparison between the current price action of Dogecoin and its price. historical movement from 2017 to 2020.
According to the analyst, Dogecoin is showing past movements and could see its price meet the same trend a bullish rally from the past. From 2017 to 2019, Dogecoin witnessed a a big jump in price before entering the “pre-meeting stage” and pumping again between 2021 and 2023.
Based on Trader Tardigrade’s analysis, Dogecoin has completed another pre-rally phase and is now ready to move higher. The analyst predicted the cryptocurrency could experience a significant 300X pump to $30, before retreating back to the $6 mark.
Historical Patterns Point to Another Great Rally
In one of the latter X postcrypto analyst Ali Martinez revealed that the current price behavior of Dogecoin is similar to an old pattern, especially for many years. descending triangle pattern formation.
At that time, Dogecoin emerged from this critical triangle pattern, resulting in a price increase of nearly 200%. After this huge increase, the price of the dog-themed meme coin was pulled back by almost 60%, and went into an even bigger one. run the bull.
To follow Dogecoin exchange rate todayA historical descending triangle pattern can be seen, showing a potential breakouts to the surface. Martinez has revealed that the price of Dogecoin has already experienced a 65% pullback, as a result, the analyst projects that Dogecoin may be preparing for “its next big rally.
Based on Martinez’s Dogecoin price chartbefore 2017, the cryptocurrency saw an increase of 229.58%, rising to $0.00035 after exiting the triangle pattern of the important decline. Similarly, between 2018 and 2021, the meme coin emerged from a similar triangle pattern, resulting in a rally of 138.04%, which pushed its value to $0.00318.
With Dogecoin’s recent descending triangle pattern, which started forming in 2021, and continued until 2024, Martinez predicts a 207.85% price pump, pushing the meme coin above $0.15.
The featured image was created with Dall.E, a chart from Tradingview.com
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