Dogecoin Price Mirrors 2021 Election Inauguration Pattern, Here’s What Happened Last Time

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As per Cephii, a cryptocurrency analyst on X (previously Twitter), the current trend of Dogecoin‘s price seems to resemble the pattern seen during the 2021 election inauguration, hinting at possible record high prices in the near future. Even though it has dropped by over 10% in just a week, the value of Dogecoin remains resilient and is gaining strength despite the overall bearish market conditions.

Dogecoin Price To Repeat Election Inauguration Rally

In the bullish market trend of 2021, the value of Dogecoin reached unprecedented highs (All Time Highs or ATHs), largely due to increased market acceptance, political sway, and other positive factors. It was disclosed on X that within a week following the U.S. Presidential inauguration in 2021, Dogecoin underwent a substantial surge of approximately 1,100%, rising from $0.00684 to $0.0795. At that point, Dogecoin had removed one zero from its price.

Comparing two side-by-side charts of Dogecoin’s recent price movement to its bull run in 2021, Cephii notes remarkable parallels. The initial chart emphasizes two Moving Averages (MA), where the blue line representing the trend crosses above the red one, suggesting a possible increase in bullish power for Dogecoin.

In the second graph, we can see where Dogecoin is currently trading at around $0.344. Key areas of resistance and support are highlighted using Fibonacci extension and retracement indicators. As you can see, Dogecoin is approaching a potentially significant level at 0.414 Fib, which lines up with previously established resistance levels above $0.344. If the trend remains bullish, the prices could potentially reach the longer-term targets of $0.7 (Fib level 0.739) and $1.4 (Fib level 1.547).

To put it simply, the patterns in the second graph for moving averages are quite similar. The blue line, which represents a longer-term trend, crosses above the red line, representing a shorter-term trend, known as a bullish crossover. This pattern suggests an upcoming breakout and resembles the setup that occurred around the 2021 US Presidential inauguration.

Based on historical patterns of Dogecoin’s price movement, Cephii has forecasted a potential similar increase in the value of the meme coin, much like the one observed during the previous presidential inauguration. With Donald Trump’s scheduled inauguration in January 2025, there is growing anticipation that this political event could trigger another significant rise in Dogecoin’s price.

How Trump’s Inauguration Could Affect Dogecoin

There’s a lot of buzz in the cryptocurrency community as analysts speculate about the potential impact of Donald Trump’s US Presidential inauguration on Monday on the price of Dogecoin. It seems that some investors are taking bets on whether any crypto-related terms, such as Dogecoin, might be mentioned during the inauguration ceremony.

From a different perspective, numerous individuals consider today’s event as a potentially historic milestone for Dogecoin. This optimism stems from bullish market trends and the establishment of Elon Musk’s Department of Government Efficiency (D.O.G.E). With Elon Musk’s influence, Donald Trump’s backing, and the surging interest in Dogecoin, many anticipate this occasion could reignite the momentum in the value of this popular meme coin.

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2025-01-15 04:11