Crypto analyst Grasp Kenobi has drawn a similarity between the present Dogecoin worth motion and that of the 2017 bull run. Based mostly on this similarity, the analyst steered that the foremost meme coin may quickly witness a serious rally prefer it did within the 2017 bull run.
Dogecoin Value Might Rally Based mostly On Similarity With 2017 Bull Run
In an X put up, Grasp Kenobi predicted that the Dogecoin worth may file a serious rally primarily based on its similarity with the 2017 bull run. The analyst highlighted an identical formation between DOGE’s present sample and one which took form in mid-2017, though he admitted that there have been little variations.
Grasp Kenobi remarked that if the sample performs out precisely, the height for the Dogecoin worth may occur by the tip of April. His accompanying chart confirmed that in 2017, Dogecoin witnessed a vital downtrend between Might and September, having rallied earlier within the 12 months. Nevertheless, following the interval between Might and September, DOGE continued its upward pattern because it rallied to as excessive as $0.01 in December that 12 months.
Equally, the Dogecoin worth has witnessed a big downtrend from November until date, having rallied between September and October final 12 months. Identical to in 2017, this downtrend may quickly finish, with Dogecoin getting into the second section of its bull run, which may ship the foremost meme coin to its present all-time excessive (ATH) of $0.73 and even larger.
This aligns with Grasp Kenobi’s earlier prediction, through which he opined that the DOGE worth may mirror the August section of final 12 months when an enormous pump adopted an prolonged consolidation interval. He acknowledged that if it mirrors this August section, Dogecoin may file a 6x worth enhance from its present native backside and rally to as excessive as $1.25 earlier than it peaks in April or Might.
DOGE Might Outperform The Complete Crypto Market
Crypto analyst Dealer Tardigrade raised the opportunity of the Dogecoin worth outperforming the complete crypto market. The analyst appeared satisfied that this might occur as he alluded to the 2021 bull cycle when the foremost meme coin recorded historic positive aspects, outperforming different main cap cryptocurrencies within the course of.
Like Grasp Kenobi, Dealer Tardigrade additionally steered that the DOGE worth may quickly start the subsequent leg of its bull run. In one other X put up, the analyst acknowledged that DOGE has proven a protracted wick on the each day chart. He then raised the opportunity of this candle triggering one other bull run, like in late 2024. Dealer Tardigrade additionally asserted that the foremost meme coin nonetheless has the potential to pump.
On the time of writing, the Dogecoin worth is buying and selling at round $0.26, down nearly 2% within the final 24 hours, based on information from CoinMarketCap.
Featured picture from Adobe Inventory, chart from Tradingview.com
