The price of Dogecoin is consolidating around $0.1, with significant fluctuations. Amid market fluctuations, cryptocurrencies present a unique historical chart pattern, which crypto analysts believe is bullish. If Dogecoin maintains this pattern, the price is expected to rise sharply by 300 times, reaching a record high of $30.
Dogecoin price pre-rebound stage signals potential upside
Crypto analyst Trader Tardigrade has revealed a new technical pattern in the Dogecoin price chart, signaling a possible move toward new all-time highs. The analyst discussed the price pattern on X-platform on October 5, highlighting that Dogecoin is currently trading above its 200-day simple moving average. The 200-day simple moving average is a key indicator for determining long-term market trends in cryptocurrencies. Based on this price pattern, Trader Tardigrade compared Dogecoin's current price action with its historical action from 2017 to 2020.
According to analysts, Dogecoin is mirroring past trends and could experience a similar bullish rally. From 2017 to 2019, Dogecoin prices rose sharply, then entered a “pre-bounce phase” and surged again from 2021 to 2023.
Trader Tardigrade analysis believes that Dogecoin has completed another pre-rally phase and is ready to move higher. The analyst predicts that Dogecoin could surge 300 times to $30 before spiraling back to the $6 mark.
Historical patterns point to another major rally
In another X post, crypto analyst Ali Martinez revealed that Dogecoin’s current price action resembles past patterns, specifically the multi-year descending triangle pattern formation.
At the time, Dogecoin broke out of a key triangle pattern, triggering a roughly 200% price surge. The dog-themed meme coin has since retraced about 60% before entering a larger bull run.
Observing the current price trend of Dogecoin, a historical descending triangle pattern can be seen, indicating a possible upward breakout. Martinez revealed that the price of Dogecoin has experienced a 65% correction, so the analyst predicts that Dogecoin may be preparing for the "next big rally."
According to Martinez’s Dogecoin price chart, the cryptocurrency surged 229.58% before climbing to $0.00035 after breaking out of a key descending triangle pattern in 2017. Similarly, between 2018 and 2021, the memecoin broke out of the same triangle pattern and rebounded 138.04%, pushing the price to $0.00318.
As Dogecoin’s latest descending triangle pattern forms and continues until 2024, Martinez predicts a 207.85% price increase, pushing the memecoin above $0.15.
