Dogecoin has not reached its previous high of $0.74 in 2021 yet, but many people still believe it could hit $1 during this market cycle. That’s because they expect another strong rally in altcoins, like the one that happened in 2021. However, if Dogecoin follows the same pattern it did during the last two big bull runs, then $1 might just be the beginning; the price could go much higher.
Dogecoin Follows Familiar Pattern: History Repeating?
Crypto expert Trader Tradigrade has observed an early similar pattern on the Dogecoin price chart that could suggest a rapid upward trend is coming. This pattern looks like what happened during the last two bull markets, just before Dogecoin’s price took off.
As the chart shows, this pattern first appeared before the big price rally in 2017. It begins a few years earlier when Dogecoin’s price makes smaller highs and then drops to retest support. After that, the price stays steady for a while, and then the trend breaks and the price starts rising. During the 2017-2018 bull market, this led to Dogecoin jumping over 2,000%, going from less than $0.00018 to over $0.0075 in just a few months.
Then, in the 2020-2021 bull market, the same pattern showed up again just before the price went up. After a period of steady prices, Dogecoin’s price broke out and went way up even more than before. It rose by over 30,000%, going from less than $0.002 to more than $0.73 in a few months. That’s still the highest price Dogecoin has ever reached.
Once again, Dogecoin is showing a similar pattern, and it seems like it’s close to another big price jump. Based on past trends and the current steady rise, this breakout could give even bigger returns than before. However, the total value of Dogecoin might limit how high the price can actually go.
Still, if Dogecoin has a similar price surge like it did in 2017-2018, it could at least reach $4 from where it is now. But according to a crypto analyst’s chart, the price might go even higher, possibly over $10, and maybe up to $12.
However, because there are over 149 billion Dogecoins in circulation, it’s very unlikely that the price will reach $12 this cycle. If it did, Dogecoin’s total value (market cap) would be more than $1.7 trillion, which is higher than what even Ethereum, the second-biggest cryptocurrency, has ever reached.
Read also:- Where’s James Wynn Now? After the $87M Blow
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
