Can Dogecoin Replicate Its 2021 18,000% Run? Here’s What The Chart Says
Release: 2024/07/27 10:34 Reading: 720
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=631734
Dogecoin Primed for Another Bull Run, Analyst Predicts
Crypto analyst Kevin has presented a bullish case for Dogecoin (DOGE), suggesting it could replicate its remarkable 2021 bull run. According to his analysis, DOGE is on track to achieve its first weekly golden cross in four years, which could signal a significant price rally.
Historical Precedent
Kevin notes that in 2021, Dogecoin saw a price surge of 18,000% after going "parabolic" for six consecutive months. He believes that similar conditions are aligning for the meme coin, increasing the likelihood of a similar price surge.
Positive Sentiment from Other Analysts
Other crypto analysts, such as Javon Marks, also believe that Dogecoin has the potential to replicate or even surpass its 2021 performance. Marks predicts a rally of over 21,000% and a potential rise to $17.
Marks cites Dogecoin's historical breakout trend, in which it has experienced successively larger price rallies with each bull run. He also suggests that a climb to $0.6533 is imminent and projects a further 90% rise to $1.25.
Golden Cross and Market Sentiment
Investors are eagerly awaiting the confirmation of Dogecoin's Golden Cross, hoping that history will repeat itself. DOGE has underperformed in comparison to other meme coins, making this potential rally a welcome prospect.
Buying Opportunity and Price Predictions
Analyst The Cryptomist suggests that there is one last opportunity to purchase DOGE at a discounted price before its parabolic move. She predicts a potential drop to $0.08 or even $0.05 based on a rising wedge pattern.
However, she maintains a long-term bullish outlook, stating that DOGE has a high chance of reaching $1 this year. Crypto Kaleo also predicts a possible drop to $0.08 before a rally to $1.
Current Market Conditions
At the time of writing, Dogecoin is trading around $0.129, showing a rise of over 4% in the last 24 hours. This price action supports the positive sentiment surrounding the meme coin's potential for a bull run.
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