Price May Surge to $12 if Past Trends Hold True
Reasons to Trust
A rigorous editorial approach prioritizing truthfulness, significance, and neutrality
Developed by seasoned professionals with in-depth review processes
Adherence to elevated guidelines for journalism and publication
A rigorous editorial approach prioritizing truthfulness, significance, and neutrality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Este artÃculo también está disponible en español.
While Dogecoin has not yet returned to its previous peak of $0.74 from 2021, the $1 milestone is seen as a crucial goal for this altcoin cycle. The anticipation of an upcoming altcoin rally could replicate the explosive price movements witnessed in 2021. If Dogecoin echoes the trends of previous bullish phases, reaching $1 might merely signify the beginning of its upward trajectory.
Dogecoin Price Reflecting Previous Trends
Cryptocurrency analyst Trader Tardigrade has identified a striking resemblance in the Dogecoin price patterns that could imply an imminent surge. This trend mirrors those observed during the last two bullish phases, where the price of the meme coin appeared poised for significant growth.
Related Reading
The chart reveals that this pattern originated prior to the bullish wave in 2017. The price initially exhibits lower peaks before undergoing a downward correction to retest. Following this, there is a consolidation phase before the trend shifts upward. The 2017-2018 bull market saw Dogecoin’s price ascend over 2,000%, rising from below $0.00018 to above $0.0075 within a few months.
Again, during the 2020-2021 market surge, a similar trend formed before the rally, with a breakout following a consolidation phase. Notably, this breakout was far more dramatic, leading to a more than 30,000% increase as the price surged from below $0.002 to over $0.73 in just a few months. This remains the highest price Dogecoin has achieved to date.
Currently, a comparable trend is forming, suggesting Dogecoin is approaching its next breakout. Based on how previous cycles have performed and the current upward trend, this breakout could potentially offer a higher return on investment than earlier cycles. However, market capitalization limitations could affect how high Dogecoin can reach.
Related Reading
Even so, should Dogecoin replicate the price surge from the 2017-2018 cycle, it could reach a minimum of $4. According to the analyst’s projections, there is even speculation that Dogecoin could surpass the double-digit mark, possibly reaching values as high as $12.
Yet, considering that Dogecoin’s supply exceeds 149 billion coins, the chances of this scenario occurring in this cycle are quite slim. A $12 valuation would imply a market cap exceeding 1.7 trillion, a milestone that Ethereum, the second-largest cryptocurrency by market cap, has not yet reached.
Post Comment