In an analysis posted on Sunday, Ali (@ali_charts) explained the potential for Dogecoin (DOGE) to replicate historical price movements. He pointed out a familiar pattern involving breakouts from multi-year descending triangles, which have historically led to significant price surges.
According to Ali, after experiencing a notable 65% pullback, DOGE might be poised for another substantial rally, echoing past trends where similar price movements preceded bullish runs.
Ali’s observations reveal a consistent pattern: after breakouts from descending triangles, Dogecoin typically experiences substantial price increases followed by retracements. His analysis references three notable instances:
First instance (2017): DOGE broke out from approximately $0.00035, leading to a surge of 229.56%.
Second instance (2020): Following another descending triangle, DOGE surged by 138.04% after breaking out from around $0.00318.
Third instance (2021-2023): A significant increase of 207.85% occurred, with prices rising from around $0.154 to above $0.60 before retracing.
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The recurring theme in Ali’s analysis suggests that Dogecoin’s current situation mirrors these historical patterns. With the recent pullback, the conditions appear ripe for a potential bull run, if history is to be believed.
Dogecoin Could Create Analysts’ Dreams
Adding to this sentiment, Kevin (@Kev_Capital_TA) provided a complementary analysis of Dogecoin’s chart, focusing on a macro falling wedge pattern. He emphasized the bullish implications of this formation, noting that the price has recently broken out and is in the process of a backtest.
If the price holds above the upper boundary of the wedge, Kevin believes that Dogecoin’s bullish outlook will strengthen, potentially leading to higher price targets.
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Show more +Will History Repeat?
Together, Ali and Kevin present a compelling case for Dogecoin’s potential resurgence. Their analyses suggest that, like in previous years, the cryptocurrency may be on the brink of another significant rally.
If past patterns hold, traders might witness a repeat of history, with Dogecoin gathering momentum for a new bullish phase.
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