Crypto analyst Master Kenobi has drawn a similarity between the present Dogecoin value motion and that of the 2017 bull run. Based mostly on this similarity, the analyst recommended that the foremost meme coin might quickly witness a significant rally prefer it did within the 2017 bull run.
Dogecoin Price Might Rally Based mostly On Similarity With 2017 Bull Run
In an X post, Grasp Kenobi predicted that the Dogecoin value might file a significant rally primarily based on its similarity with the 2017 bull run. The analyst highlighted the same 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 value might occur by the top of April. His accompanying chart confirmed that in 2017, Dogecoin witnessed a significant downtrend between Might and September, having rallied earlier within the yr. Nonetheless, following the interval between Might and September, DOGE continued its upward pattern because it rallied to as excessive as $0.01 in December that yr.
Equally, the Dogecoin value has witnessed a big downtrend from November until date, having rallied between September and October final yr. Identical 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 high (ATH) of $0.73 and even larger.
This aligns with Grasp Kenobi’s earlier prediction, wherein he opined that the DOGE value might mirror the August section of final yr when an enormous pump adopted an prolonged consolidation interval. He said that if it mirrors this August section, Dogecoin could record a 6x value enhance from its present native backside and rally to as excessive as $1.25 earlier than it peaks in April or Might.
DOGE Might Outperform The Whole Crypto Market
Crypto analyst Trader Tardigrade raised the opportunity of the Dogecoin value outperforming the 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 positive aspects, outperforming different main cap cryptocurrencies within the course of.
Like Grasp Kenobi, Dealer Tardigrade additionally recommended that the DOGE value might quickly start the subsequent leg of its bull run. In one other X publish, the analyst said that DOGE has proven an extended wick on the every day chart. He then raised the opportunity of 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 value is buying and selling at round $0.26, down nearly 2% within the final 24 hours, in keeping with data from CoinMarketCap.
Featured picture from Adobe Inventory, chart from Tradingview.com
