Regardless of experiencing a crash to new lows, analysts stay optimistic concerning the Dogecoin worth outlook. Notably, Dealer Tardigrade, a crypto skilled on X (previously Twitter), has predicted a surge to $2 for the Dogecoin worth. The analyst cites historical price patterns that present the meme coin sometimes undergoes a major pullback earlier than a rally to new highs.
Historic Patterns Recommend A $2 Dogecoin Price Surge
The Dogecoin price downturn could also be coming to an finish, as a latest evaluation shared by Dealer Tardigrade highlights a hanging development within the meme coin’s worth motion over the previous few years. The analyst predicts that Dogecoin is on the verge of an explosive price rally to $2 on this bull market.
Earlier than every of its main rallies throughout the earlier bull cycles, the meme coin skilled a major pullback of over 50%. This sample, as seen on the chart, has remained constant over time, typically previous strong rebounds.
Dealer Tardigrade disclosed that in DOGE’s first main correction in 2016, the cryptocurrency recorded a steep decline of roughly 59.76%. After this, the meme coin rallied sharply in 2017, experiencing a rebound between the $0.013 and $0.019 worth factors.
An analogous development occurred throughout the second pullback within the 2020 to 2021 bull market. The Dogecoin worth fell by 56.20% earlier than experiencing its well-known 2021 bull run surge, which catapulted it to a present all-time excessive above the $0.65 mark.
Based mostly on these historic patterns, which have near-identical decline percentages, Dealer Tardigrade argues that Dogecoin might expertise an identical development as soon as it concludes its remaining decline. The newest knowledge exhibits that Dogecoin’s price recorded a steep correction in 2024, dropping by 58.25% and aligning with earlier pullbacks and the situations that preceded previous rallies.
With this final pullback already registered, Dealer Tardigrade means that the present DOGE worth motion might mirror previous developments, resulting in a possible breakout. This breakout might pave the best way for a potential bounce towards a new all-time high of $2.
Whales Gobble Up One other 100 Million DOGE
Whereas the Dogecoin worth struggles with declines and broader market volatility, whales seize the chance to build up huge quantities of the meme coin. A brand new report shared by crypto analyst Ali Martinez reveals that these large-scale token holders have scooped up a further 100 million DOGE tokens within the final 24 hours.
This massive accumulation trend means that whales could also be positioning for a possible rebound, capitalizing on DOGE’s worth declines whereas retail stays cautious. The continued Dogecoin buying spree additionally indicators rising confidence amongst main traders regardless of its latest bearish market situations.
Over the previous week, Dogecoin’s worth has crashed by roughly 25%, wiping out 1 / 4 of its whole market worth. For some traders, this sharp decline presents a dip-buy opportunity, as they anticipate a possible reversal as soon as market situations stabilize.
Featured picture from Unsplash, chart from Tradingview.com
