DOGECOIN HISTORICAL MOVEMENTS AND CURRENT TRENDS..
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Dogecoin has a storied history of surprising investors during crypto bull cycles. DOGE had a first significant breakthrough in 2017, achieving an incredible 9,363% gain in value. But the legendary run of the meme coin came during the 2021 cycle when it surged 30,653% and peaked at $0.73665.
This unheard-of increase confirmed its popularity among individual investors. Dogecoin trades at about $0.40 right now, suggesting the early phases of its next upward cycle. The study claims that the price swings of the asset have followed a parallel rising channel, which has directed its higher highs and lower lows throughout time. Although DOGE has shown that it can mobilize powerfully during a speculative frenzy, its path points to a long accumulation phase before new highs.
The study identifies $0.30 to $0.40 as a crucial support range for Dogecoin, thereby orienting it as a good accumulation zone for those seeking long-term profits. Similar consolidation periods have often preceded Dogecoin's spectacular breakouts during past bull runs. According to Ali's study, one should take advantage of declines within this range since it emphasizes the need for patience for significant gains.