- Dogecoin is showing signs of a possible big bull run by imitating past pricing patterns that resulted in enormous rallies.
- In order to reach highs of about $1.2 and possibly break above $6 in this bull cycle, one must overcome the $0.224 resistance.
Since ending April on a downtrend, the well-known meme-based cryptocurrency Dogecoin has shown a bearish trend.
The price of the cryptocurrency has significantly corrected, falling 47% from its peak during the current market cycle. Dogecoin may be about to experience a bull run despite this setback, according to market analysts’ signs.
The Current Dogecoin Market Challenges
Dogecoin is another example of the notoriously volatile cryptocurrency market. It has experienced a sharp 47% price correction recently. Nonetheless, experts like cryptocurrency analyst Ali Martinez are not discounting Dogecoin just yet.
Martinez said Dogecoin’s latest price movements are similar to its previous profitable bull runs, especially in 2017 and 2021.
In 2021, #DOGE broke out of a descending triangle again. Then, $DOGE retraced by 56% before skyrocketing by 12,197%! pic.twitter.com/P2B867iqTm
— Ali (@ali_charts) May 1, 2024
Dogecoin is repeating the trends observed prior to its significant surges, according to Martinez’s analysis. One important aspect of its previous price spikes, for example, was breaking out of a falling triangle pattern.
In the final quarter of 2023, this pattern was noticeable, pointing to a possible historical recurrence. Martinez notes that in the past, these kinds of breakthroughs have produced large gains—982% in 2017 and more than 12,000% in 2021.
The Way Ahead: Obstacles and Objectives
Dogecoin must first surpass a crucial resistance level before it can start on yet another spectacular rise. That resistance is currently set at $0.224. DOGE may make a run at its all-time high of $0.7316 and possibly reach a new objective of approximately $1.2 if it is able to overcome this barrier, echoing earlier coverage by ETHNews.
Martinez’s research indicates that this bull cycle will ultimately see a price spike above $6. To do this, Dogecoin would need to increase in value by more than 4,700% above its present levels. Dogecoin has a history of surpassing expectations with its sharp ascents, so even though this seems ambitious.
As of writing, the price of DOGE is $0.1322, up 4.12% over the previous day, according to CoinMarketCap. Nevertheless, it also shows a 12.03% drop in the last week, pointing to continued volatility and short-term bearish trends.