Dogecoin Price Is Replicating Bullish Pattern From 2021, But Can It Rally To $16?

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As a seasoned researcher with years of experience in analyzing cryptocurrency markets, I have seen my fair share of bull runs and bear markets. The recent Dogecoin price pattern has caught my attention, as it seems to be replicating the bullish trend from 2021. Trader Tardigrade’s analysis is particularly intriguing, as he suggests that DOGE could reach $16 in this market cycle.

Crypto expert Trader Tardigrade has pointed out a bullish trend from 2021 that Dogecoin seems to be mirroring, leading some to speculate that the popular meme currency could surge to around $16 during this market phase.

Dogecoin Price Replicates 2021 Bullish Pattern

In a recent post on X, the trader known as Trader Tardigrade shared an insight about Dogecoin’s price trend. Remarkably, it appears to be mirroring a pattern from the 2021 bull run. He included a chart that illustrates this pattern, which in the past resulted in a colossal “moon candle” for Dogecoin. Given this observation, Trader Tardigrade hinted at the potential for another such “moon candle,” propelling Dogecoin’s price to approximately $16.

As a passionate crypto investor, I’ve been closely following Trader Tardigrade’s insights, and his repeated assertion that Dogecoin (DOGE) could soar has caught my attention. He believes that DOGE could potentially hit a price level within the range of $10 to $30 in this current bull run, making it a significant player in the market cycle.

Furthermore, if Dogecoin follows a pattern similar to its 2021 bull market, experts predict that its price might hit $30 by March 2025.

Prior to the Dogecoin price increase (also known as a “bull run”), Trader Tardigrade noted that the pattern of Dogecoin’s price was similar to one that had previously resulted in a massive 28,000% surge in 2021. This potential rally up to $16 within this market cycle is still considered plausible by Trader Tardigrade and other crypto analysts such as Ali Martinez.

In my analysis, I posit that the price of Dogecoin might escalate to a potential peak of $23 during this market phase. This prediction stems from the coin potentially reaching the 2.272 Fibonacci level, a significant benchmark in technical analysis.

DOGE To $1 Is Imminent

Currently, a psychological short-term to medium-term goal for the price of Dogecoin is set at $1. As per crypto analyst Master Kenobi’s latest predictions, Dogecoin could potentially reach this mark with Bitcoin surpassing $100,000. Given his recent analysis, Dogecoin might start its next upward trend any moment now, as it mirrors a consolidation pattern similar to its previous cycle.

Kevin Capital, a crypto analyst, hinted at this period of consolidation during the previous cycle, implying that the next significant rise is on the horizon. He emphasized that in the last cycle, following Dogecoin’s initial major surge, there was a 24-day consolidation phase before another upward movement to the macro golden pocket occurred.

If Dogecoin proceeds along a comparable trajectory, it’s anticipated that the upcoming surge could commence towards the close of this week. The digital currency may then embark on an upward trend towards the significant resistance levels between $3.80 and $4.00.

Currently, as I’m typing this, the price of Dogecoin is approximately $0.43. It has increased by more than 4% in the past day, based on information from CoinMarketCap.

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2024-12-05 19:11