OG Meme Coin Dogecoin Is on the Verge of a Significant Bull Run
- PHPzOriginal
- 2024-08-27 06:19:23777browse
The token's recent price movements indicate that DOGE has headed towards a bottom. Market experts have identified a historical pattern where the intersection of specific technical indicators
Dogecoin (CRYPTO: DOGE) is preparing for a bull run, according to an analysis by an anonymous market expert. The token’s recent price movements indicate that it has headed towards a bottom.
The analysis, shared with Benzinga, shows that the meme coin is positioned for a price surge in the coming weeks. The token’s price has been forming a "W" pattern on the price chart, with the intersection of specific technical indicators [marked by the green and red lines] signaling the beginning of a price rally historically.
This pattern emerged in August 2021 and again in May 2022, both times indicating the start of a price surge in the following weeks. The current price movement shows the formation of a similar pattern again, suggesting that another price increase could be on the horizon.
If this pattern holds, the meme coin could experience a price surge starting as early as the first week of September.
Moreover, the analyst observed a cyclical trend in Dogecoin’s price increases. Every three years, the meme coin has experienced a substantial price appreciation.
In the first cycle, DOGE’s price rose 1.5 times from the start of the year [2016]. In the second cycle, the price ended the year 2.5 times higher than its starting point [2020].
If this trend continues, the expert predicts that the meme coin will close in 2024 at around $0.31, considering its starting price of $0.09051 on January 1, 2024.
The expert’s prediction for 2025 is even bolder, suggesting that DOGE will see more substantial price gains in the fourth year of the cycle, which has historically witnessed the most significant price increases.
In the first cycle [2017], Dogecoin saw a 9000% increase, and in the second [2021], it rose by 18,000%.
If this trend continues, investors could be in for a wild ride in the coming year. The analyst’s prediction is based on a combination of technical analysis and historical patterns, but past performance doesn’t guarantee future results.
On the other hand, some feel that the meme coin has lost its relevance in the current context.
While acknowledging that DOGE has made significant strides, such as reaching a market capitalization of over $90 billion, the expert argues that the meme coin’s continued inflationary supply and fading cultural relevance could weaken its dominant status.
He strongly believes that a fresh meme coin could potentially surpass Dogecoin’s market cap in the current cycle. Notably, Dogecoin and Shiba Inu’s combined market cap constituted just 57% of the total meme coin market, as per CoinGecko.
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