Skip to main content

Dogecoin Price Is Mirroring This Bullish Pattern From 2017, Next Stop $1.1?

Crypto analyst Master Kenobi has revealed that the Dogecoin price is mirroring a bullish pattern from the 2017 bull run. In line with this, he predicted that DOGE could reach the much anticipated $1 level and provided a timeline for when this could happen. 

Dogecoin Price Mirroring 2017 Bullish Pattern

In an X post, Master Kenobi revealed that the current pattern on the Dogecoin price chart mirrors the 2017 bull run, which was divided into two roughly equal pumps both in terms of value and duration. Back then, DOGE pumped and then retraced for an extended period before recording a parabolic rally to hit new highs. 

Based on the similarities between the 2017 bull run and the current cycle, Master Kenobi suggested that the Dogecoin price could witness the second phase of its bull run in this cycle, just like in 2017. He predicted that the foremost meme coin could rally to a top of $1.1 sometime in the first week of June. 

Dogecoin

Meanwhile, he also indicated that DOGE’s current level might be the local bottom, indicating that a reversal is bound to occur from this current price range. Master Kenobi warned there is no guarantee that the Dogecoin price will reach this $1.1 target. However, he added that it is an interesting observation which might be worth considering. 

A Bullish Reversal Might Be On The Horizon

Crypto analyst Crypto Lycus also suggested that the Dogecoin price has bottomed and is well primed for a bullish reversal from its current level. He stated that DOGE is showing a bottoming formation after a sharp correction from $0.50, followed by a steep decline to the current support zone around $0.17. 

The analyst further remarked that this $0.17 level is crucial for the Dogecoin price as it had previously acted as a consolidation area before the last breakout. According to him, if DOGE rebounds from this zone, its price could move toward $0.25 and $0.35. However, he warned that a breakdown below this support may lead to further downside revisiting the $0.10 region.

Crypto analyst Trader Tardigrade also indicated that the Dogecoin price could soon rebound from its current level. He revealed that DOGE’s weekly candle closed with a doji. The analyst noted that this indicates a potential reversal from a downtrend to an uptrend at this level. Trader Tardigrade added that a doji appeared right at the start of the last surge. 

In another X post, the analyst stated that the Dogecoin price is building momentum for an uptrend reversal. He revealed that the 4-hour chart shows an ascending triangle with a higher low formation. His accompanying chart showed that DOGE could rally to as high as $0.2 in the short term. 

At the time of writing, the Dogecoin price is trading at around $0.16, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin

from Bitcoinist.com https://ift.tt/ykmOp9N
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more