Is It Late 2020 All Over Again for Dogecoin?
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There are striking similarities between DOGE's price action today and in late 2020.
The so-called fractal is noteworthy as dogecoin surged over 1,000% in early 2021.
One key principle of the Dow Theory is that asset price trends are self-repeating, functioning along Mark Twain's famous quote: "History never repeats itself, but often rhymes." Hence, traders often check if the ongoing price action resembles anything from the past to understand what lies ahead.
Dogecoin, the world's largest meme cryptocurrency, has recently risen above the widely tracked 50, 100, and 200-week simple moving averages of its price, ending a prolonged 20-month consolidation at bear market depths. The 50-week SMA has moved above the 100-week SMA, signaling a bullish shift in momentum.
Both developments are strikingly similar to those in late 2020. The so-called fractal is noteworthy because DOGE witnessed an explosive rally in the first five months of 2021.#ICP #xrp #BOME
