According to Cephii, a crypto analyst at X (formerly Twitter), the current Dogecoin Price Action mirrors the 2021 election inauguration pattern, signaling a potential price hike for new ATHs on the horizon. Despite in decline by more than 10% in a week, the price of Dogecoin continues to strengthen in bearish conditions.
Dogecoin Price to Repeat Election Inaugural Rally
During the bullish cycle in 2021Dogecoin price has reached new ATHs, driven by wider market adoption, political influence, and other bullish factors. Cephii revealed on $.0795.
Sharing two parallel charts of this uptrend, Cephii points out striking similarities between Dogecoin’s current price action and its behavior in the 2021 bull cycle. The first chart highlights two moving averages (MA), with the blue trendline crossing above the red, signaling Potential bullish momentum for Dogecoin.
The second chart, depicting Dogecoin’s current cycle, shows that the meme coin is trading at $0.344 while its resistance and support zones were indicated by the Fibonacci extension and retracement levels. The chart shows Dogecoin approaching a critical point at 0.414 Fib, which corresponds to historical resistance above $0.344. The other Fibonacci levels, such as 0.739 and 1.547, which correspond to the $0.7 and $1.4 price levels, represent long-term bullish targets for Dogecoin if its upward momentum continues.
Notably, the moving averages in the second chart show a similar movement pattern. They show a bullish crossover, with the blue MA trendline crossing into the red. This price structure indicates a potential breakout scenario, mimicking the setup of the 2021 US presidential inauguration.
With Dogecoin Price Movement Following historical trends, Cephii predicted that the meme coin could soon see a surge almost identical to that seen during the last presidential inauguration. With Donald Trump scheduled to be inaugurated by January 20, 2025, speculation is growing that this political event could once again lead to a notable rise in the price of Dogecoin.
How Trump’s Inauguration Could Affect Dogecoin
Discussions within the crypto community intensify as analysts predict Dogecoin price prospects after Trump’s US presidential inauguration Monday. Reports revealed that investors are betting on which crypto-related words, like Dogecoin, could be mentioned during the inauguration ceremony.
On the other hand, many believe that this inauguration day could be a historic moment for Dogecoinfueled by bullish sentiment and the creation of Elon Musk’s Department of Government Efficiency (DOGE). With Musk’s influence, Trump’s support and the growing enthusiasm around Dogecoin, many hope This event could trigger a new surge in the price of the meme coin.
Featured image created with Dall.E, chart from Tradingview.com