Dogecoin price could be gearing up for what appears to be another notable rally following its recent performance since the beginning of January. Dogecoin, which spent most of the last two weeks of December in decline, has regained momentum this month and is now poised to surpass the $0.40 mark again.
According to cryptocurrency analyst Trader Tardigrade, Dogecoin is currently mirroring its movements in the last bull cycle. In particular, the price movements suggest that the meme coin could be gearing up for a significant rally to reach new all-time highs in the coming months.
DOGE reproducing familiar price pattern
At the time of writing, Dogecoin is trading just below the $0.40 mark. This marks an impressive recovery after its recent decline to $0.267 in mid-December. Interestingly, this decline sent the price of Dogecoin back by around 45% after reaching a multi-year peak above $0.48 in early December. This Dogecoin price spike was a consequence of an impressive rally that has been in play since October, with the meme coin breaking several price resistance levels.