The price of Dogecoin now looks like it is replicating the upward pattern of 2021 and may break new highs. A crypto analyst shared a picture comparing the price trend at that time with the current situation, predicting that Dogecoin will usher in a big rise in January and may break new highs.
Historic Fractal Will Spark Dogecoin Price Rise Above $4
According to the analyst's prediction, the price of Dogecoin could exceed $4. He is a well-known trader in the cryptocurrency field, Trader Tardigrade, who mentioned in a post on X (formerly Twitter) on Wednesday that Dogecoin is likely to experience a wave of explosive growth before January 2025.
He also showed two parallel charts comparing Dogecoin's performance in 2020-2021 and its performance in 2024. The right side of the chart shows the price movement of Dogecoin in 2020, which eventually triggered the big rise in January 2021.
Before Dogecoin's sharp rise this time, it experienced a period of consolidation. The blue triangle in the chart represents the local price high, the green curve shows the rebound of the price after the decline, and the orange arc marks the consolidation stage.
These unique price movements ultimately fueled a breakout for Dogecoin, which surged above $0.065 in January 2021.
According to the analysis of trader Tardigrade, Dogecoin now seems to be repeating its previous bullish trend, and a similar consolidation pattern has appeared on the chart. The blue triangle on the left shows that it has formed a preliminary high, the green curve shows that the price has begun to recover, and the orange arc marks its consolidation period.
If these bullish patterns continue, Dogecoin is likely to see another strong rally like it did in 2021. Tardigrade calls January the "breakout month," believing this time period to be crucial for the bull market. He predicts that if Dogecoin follows a similar historical pattern again, its price could break through $4.
Analyst predicts Dogecoin will surge 570%
Cryptocurrency analyst Javon Marks also predicts that Dogecoin will usher in a massive bull run. He particularly emphasized the importance of the repetitiveness of historical patterns in predicting the future trend of Dogecoin. Marks also shared a chart showing the price performance of Dogecoin in three different cycles and believes that Dogecoin may soar by 570%.
Each cycle followed a similar consolidation pattern, consolidating within a descending triangle, followed by a breakout that resulted in a significant increase in price. Dogecoin successfully replicated these historical consolidation patterns by breaking through the 1.618 Fibonacci Extension level in each cycle.
According to this analysis, the current price trend of Dogecoin in the third cycle is consistent with the previous repetitive pattern. If this trend continues, Marks predicts that Dogecoin may usher in a surge of more than 570%, and the price may even break through $2.28, or even higher.
