Dogecoin (DOGE) always captures the attention of traders. Why? Its latest chart pattern seems to announce to everyone: a explosive rebound is on the horizon. Last week, Dogecoin faced a 7.5% plunge, and now it is striving to hold onto the critical level of $0.30. But there is no need to worry, the turning point is near. Looking closely at Dogecoin's annual and weekly price trends, historical cycles repeat, and technical signals frequently flash, all hinting at a significant price increase about to unfold. The market is ever-changing, and whether Dogecoin will rise again remains to be seen.
Annual harmonic pattern
Dogecoin's annual chart presents a highly regular harmonic pattern, clearly delineating its market development into three unique stages: the bottom year, the pre-increase year, and the increase year.
Among them, 2015, 2019, and 2023 were key periods for Dogecoin's price bottoming out. In these years, after a long consolidation, its price reached the cycle's lowest point, becoming the main market bottom.
Correspondingly, the years 2016, 2020, and the current 2024 are seen as preparation phases before a rise.
In these years, the market often gradually shows signs of recovery and early accumulation, just like we saw from September to December when Dogecoin's price experienced a significant increase of up to 5 times, which is undoubtedly strong evidence that market energy is beginning to accumulate.
Looking at historical data, 2017, 2021, and the upcoming 2025 are all defined as years of explosive growth.
During these time periods, the market often sees a sudden emergence of large bullish candlestick patterns, driving Dogecoin's price to new heights and creating remarkable increases.
In summary, according to this repeatedly observed market pattern, 2024 is highly likely to be a key preparatory year.
It will lay a solid foundation for a major breakthrough that may occur in 2025. Perhaps we will witness explosive growth similar to that of 2017 and 2021 again. Investors should closely monitor its market dynamics to seize opportunities in this potential wave of wealth.
Weekly chart signals reach bottom area
The weekly chart is, for Dogecoin's recent outlook, a beacon of hope.
"Spinning top" candlestick pattern has emerged, indicating market hesitation and a potential reversal.
This is not the first time this pattern has appeared at a critical juncture; precedents were set in September and October, where it first surged followed by consolidation. In short, this new observation further confirms the idea that its bottom is near and an upward trend is on the way.
In the weekly chart, the Relative Strength Index (RSI) has reached a support level, undoubtedly adding significant weight to the bullish outlook. Looking back, when the RSI rebounds from such levels, prices tend to rise sharply, which undoubtedly fills the market with anticipation for its future direction. A potential price surge may soon be on the way.
What is the next step for Dogecoin?
2024 may be the year DOGE builds its base, as technical indicators align with historical trends, and traders view 2025 as its critical turning point.
Many assert that Dogecoin will break through the $1 mark next year, and some analysts boldly claim its market cap could reach $4 trillion, which means prices could soar above $30. Such predictions are certainly bold!
