Dogecoin's (DOGE) ongoing price action mirrors 2020 fractals that saw its price explode by more than 15,800% to a record high of $0.76 in just six months.
Dogecoin price trend in 2024 vs. 2021
The Dogecoin chart fractal below highlights the similarities between DOGE's ongoing price performance and those recording after the completion of the 2018-2020 bear market.
For instance, in 2018-2020, Dogecoin experienced a prolonged sideways movement within the $0.0012 to $0.0056 range. This phase occurred at the chart’s base levels, between the 0.236 and 0.0 Fibonacci retracement lines, underlining a period of relative market equilibrium with low volatility.
DOGE/USD weekly price chart. Source: TradingView
Mirroring the earlier consolidation pattern, Dogecoin has — once again — entered a consolidation phase, but at a higher price range between $0.055 and $0.181. Interestingly, these new bounds also align with the 0.236 and 0.0 Fib retracement levels, respectively.
The current attempt to surpass the 0.236 Fibonacci threshold is akin to the breakout observed in the previous cycle, which may indicate a significant shift in market sentiment if the price sustains above this level, currently at $0.181.
Dogecoin fundamentals 2020 vs. 2024
Fundamentals such as quantitative easing played a key role in sending Dogecoin prices up by more than 15,800% in 2020. Interestingly, the memecoin market is witnessing similar catalysts in 2024 as it attempts to break above its 0.236 Fib line resistance.
Rate cuts potential in 2024
In 2020, Dogecoin's price surged past its 0.236 Fibonacci level, partly fueled by increased cash liquidity resulting from the U.S. Federal Reserve's policy of lowering interest rates.
Likewise, Dogecoin's current efforts to breach the 0.236 Fibonacci threshold coincide with the anticipation of three potential interest rate cuts in 2024.
Source: X Altcoin boom after Bitcoin halving
Dogecoin’s 2024 price trends draw further similarities from the 2020 fractal due to the occurrence of Bitcoin halving, events that halve the reward for mining new blocks.
Remarkably, following Bitcoin's third halving on July 11, 2020, Dogecoin's price surged by an astonishing 34,300%.
DOGE/USD weekly price chart. Source: TradingView
Similarly, after Bitcoin's second halving, Dogecoin experienced a rally of over 6,350%, showcasing its potential for delivering high returns to investors seeking opportunities in alternative cryptocurrencies after halvings.
Related: Bitcoin halving hype: How retail investors can prepare
Bitcoin’s fourth halving will happen around April 19-20, following which Dogecoin’s price may explode if the history is any indication.
The return of Elon Musk
Elon Musk's active and public support of Dogecoin during 2020 and 2021 played a crucial role in its dramatic price increases while elevating its ranking among the top cryptocurrencies. Now, in 2024, the billionaire entrepreneur is eyeing a move toward integrating DOGE into mainstream platforms.
For instance, on March 14, Musk said his electric vehicle company, Tesla, could add DOGE payments for purchasing cars at some point in the future.
Source: X
Furthermore, Musk’s “everything app” X (previously known as Twitter) established an XPayments account for its forthcoming payment functionality. There’s a growing expectation that the X app will roll out in-app payment capabilities by mid-2024, which may include cryptocurrencies like Dogecoin.
Dogecoin technical analysis
Technically, Dogecoin’s weekly relative strength index (RSI) has crossed above 70, an overbought zone, which raises its potential to enter a correction or consolidation phase in April.
DOGE/USD weekly price chart. Source: TradingView
Nonetheless, a clear breakout above the 0.236 Fib resistance could send DOGE's price toward the 0.382 Fib line at around $0.26 by April's end. That is up approximately 35% from current price levels.  
Conversely, a decisive pullback from the 0.236 Fib line risks bringing Dogecoin's price toward its 50-week exponential moving average (50-week EMA; the red wave) at around $0.095, down about 48% from current prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. #doge #HotTrends #ElonsMusk #DogecoinFever $BTC

Remember when cryptocurrency was all about serious whitepapers and complex technology? Well, meme coins flipped that script. Starting with the granddaddy of them all, Dogecoin (DOGE), these digital tokens took inspiration from viral internet memes and rode a wave of social media hype to reach astonishing heights. Shiba Inu (SHIB) soon followed, and together, they demonstrated the power of communities and internet culture in the unpredictable world of crypto.
Dogecoin: The Meme Coin that Started it All
Dogecoin began as a lighthearted joke in 2013, featuring the iconic Shiba Inu dog meme. Little did its creators know it would become a phenomenon. With its simple design and playful image, DOGE gained a huge online following. Elon Musk's enthusiastic tweets about the coin further fueled its rise, making Dogecoin a household name in the crypto sphere.
Shiba Inu: The 'Dogecoin Killer' That Made Waves
Not content with being in Dogecoin's shadow, Shiba Inu entered the picture, branding itself as the "Dogecoin Killer." SHIB shares similarities with DOGE, but it built its ecosystem on the Ethereum blockchain, aiming to offer more functionality. A dedicated online community dubbed the "SHIBArmy" propelled the token forward, demonstrating the power of social media-driven momentum in crypto.
Beyond the Big Two: A New Breed of Meme Coins
The success of DOGE and SHIB inspired countless other meme coins. Some sought to bring unique features and utilities, while others were blatant copycats hoping to ride the hype train. This led to an explosion of creativity (and questionable projects), demonstrating the potential, and the risks, of this meme-fueled corner of the crypto market.
The Meme Coin Factor: Understanding the Phenomenon
What makes meme coins so appealing? Here's a breakdown:
Accessibility: Often with low prices, meme coins can feel less intimidating to newcomers.Community: The strong online communities are welcoming and create a sense of belonging.The Potential for Big Gains: The volatility attracts those who dream of quick riches.
Proceed with Caution: Risks to Consider
Volatility: Meme coins can swing wildly in price, making them a high-risk investment.Lack of Fundamentals: Many lack a clear use case or technological innovation.Pump-and-Dump Schemes: Some projects are more about manipulation than long-term value.
The Future of Meme Coins
Will meme coins have staying power? It's too early to say for sure. Some might fade away, while those that gain real-world utility and dedicated development teams could have a place in the future. Regardless, meme coins have already left their mark, reminding us that humor, communities, and the internet's unpredictable nature all have a role to play in the ever-evolving world of cryptocurrency.
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always do your thorough research before investing in any cryptocurrency
#DogecoinFever #ICP #memecoins"