The Dogecoin price consolidates around $0.1 notable price fluctuations. Amid this market volatility, the cryptocurrency is exhibiting a unique historical chart pattern that one crypto analyst has deemed bullish. Should Dogecoin continue above this pattern, the price is expected to experience a massive 300x run new All Time Highs (ATHs) for $30.
Dogecoin Price Pre-Rally Phase Signals Potential Pump
Crypto analyst Trader Tardigrade has done just that revealed a new technical pattern on the Dogecoin price chart, indicating a possible upward move to new ATHS. The analyst took to X (formerly Twitter) on October 5 to discuss this price pattern, highlighting that Dogecoin is currently trading above price. 200-day simple moving average (SMA).
The 200 SMA is an important technical indicator used in determining the overall long-term market trend of a cryptocurrency. Based on this price pattern, Trader Tardigrade makes a comparison between the current price action of Dogecoin and that of Dogecoin historical movements from 2017 to 2020.
According to the analyst, Dogecoin reflects past movements and its price could see a similar effect bullish rally from the past. From 2017 to 2019, Dogecoin witnessed a huge price jump before entering a ‘pre-rally phase’ and pumping again between 2021 and 2023.
Based on Trader Tardigrade’s analysis, Dogecoin has completed another pre-rally phase and is now ready to move higher. The analyst predicted it the cryptocurrency could experience a significant 300x pump to $30 before falling back to the $6 mark.
Historical patterns point to another big rally
In another recent one X messagecrypto analyst Ali Martinez revealed that Dogecoin’s current price behavior resembles a past pattern, specifically a multi-year descending triangle pattern formation.
At that time, Dogecoin broke out of this critical triangle pattern, causing a price increase of about 200%. After this huge surge, the price of the dog-themed meme coin fell by about 60%, before entering an even bigger period. running of the bulls.
Next The current price movements of Dogecointhe historical descending triangle pattern can be seen, which points to a possible outbreak upwards. Martinez revealed that the Dogecoin price has already experienced a 65% pullback, as a result, the analyst expects that Dogecoin could be preparing for its “next big rally.”
Based on Martinez’s Dogecoin price chartBefore 2017, the cryptocurrency saw an increase of 229.58%, rising to $0.00035 after breaking the crucial descending triangle pattern. Similarly, the meme coin broke out of the same triangle pattern between 2018 and 2021, resulting in a 138.04% rally, taking its price to $0.00318.
With Dogecoin’s latest descending triangle pattern, which began forming in 2021 and has continued through 2024, Martinez predicts a 207.85% price pump, taking the meme coin above $0.15.
Featured image created with Dall.E, chart from Tradingview.com