Crypto analyst Zer0 has analyzed Dogecoin (DOGE) suggesting the meme coin may be about to surge. The analyst points to historical patterns and current market conditions as indicators of a possible bull run.
Moreover, this development comes as Dogecoin continues to maintain its position as a popular crypto despite market shifts.
Zer0 shared insights into Dogecoin’s historical price movements via a tweet. The analyst highlighted a pattern in DOGE’s price action that has been repeating, consisting of longer periods of decline followed by rapid expansions.
Zer0 claims that this cycle consists of a price decline of 90% or more, followed by a protracted consolidation stage that takes more than 1,000 days.
One of my regrets from last cycle?Not buying any $DOGE at the lows.I'm in no mood to repeat it.It's a classic playbook if you observe;– 90%+ bleed and chop for 1000+ days– gigantic expansion which lasts for 200-300 days.Currently, we are done with the bleed of 90%+ and… pic.twitter.com/xXAhkaamHY
— Zer0 (@degengambleh) August 9, 2024
Historical Patterns and Current Market Conditions
Zer0’s analysis suggests that Dogecoin has completed its latest downtrend and consolidation phase. The meme coin has had a price dip of more than 90% and has traded sideways for approximately 1,200 days.
This extended period of price stability aligns with the historical patterns observed in previous cycles. The analyst notes that past expansions in Dogecoin’s price have lasted around 200 to 300 days.
These periods of rapid growth have resulted in substantial gains for investors who entered the market during the consolidation phase.
Zer0 expresses regret for not capitalizing on similar opportunities in previous cycles, stating, “One of my regrets from last cycle? Not buying any $DOGE at the lows.”
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Addressing Common Criticisms
In his tweet, Zer0 acknowledges several common criticisms of Dogecoin. These include concerns about its emission rate, high market capitalization, and the potential dilution of interest in meme coins.
However, the analyst dismisses these arguments, emphasizing the historical precedent of Dogecoin’s price performance. Zer0 also highlights Dogecoin’s longevity in crypto, noting that it predates Ethereum.
This observation highlights the meme coin’s staying power and its ability to maintain relevance despite market volatility and the emergence of newer blockchain projects.
The analyst concludes with the popular rallying cry, “DOGE TO THE MOON,” suggesting a belief in the crypto’s future upside potential.
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The post Dogecoin (DOGE) Primed for Bull Run? Expert Highlights Meme Coin’s Key Historical Patterns appeared first on CaptainAltcoin.
