Crypto analyst Grasp Kenobi has drawn a similarity between the present Dogecoin value motion and that of the 2017 bull run. Primarily based on this similarity, the analyst urged that the foremost meme coin might quickly witness a significant rally prefer it did within the 2017 bull run.
Dogecoin Worth Might Rally Primarily based On Similarity With 2017 Bull Run
In an X publish, Grasp Kenobi predicted that the Dogecoin value might document a significant rally primarily based on its similarity with the 2017 bull run. The analyst highlighted an identical 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 vital downtrend between Might and September, having rallied earlier within the yr. Nevertheless, following the interval between Might and September, DOGE continued its upward development 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. Similar to in 2017, this downtrend might quickly finish, with Dogecoin coming into the second part of its bull run, which might ship the foremost meme coin to its present all-time excessive (ATH) of $0.73 and even increased.
This aligns with Grasp Kenobi’s earlier prediction, through which he opined that the DOGE value might mirror the August part of final yr when a large pump adopted an prolonged consolidation interval. He acknowledged that if it mirrors this August part, Dogecoin might document 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 Dealer Tardigrade raised the potential of the Dogecoin value outperforming your entire 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 features, outperforming different main cap cryptocurrencies within the course of.
Like Grasp Kenobi, Dealer Tardigrade additionally urged that the DOGE value might quickly start the following leg of its bull run. In one other X publish, the analyst acknowledged that DOGE has proven a protracted wick on the each day chart. He then raised the potential 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 accordance with information from CoinMarketCap.
Featured picture from Adobe Inventory, chart from Tradingview.com
