DogecoinThe new price dynamics have sent shockwaves through the general cryptocurrency sector. For this reason, several informed crypto experts have demonstrated strong bullish sentiment towards DOGE by offering predictions on a possible major near-term rally while highlighting moves similar to previous trends.
Will Dogecoin reflect past cycle trends?
Market expert and trader Crow, in a recent article on underlines that Dogecoin could be gearing up for a significant price rise soon, potentially towards a new all-time high. The expert’s bold prediction is due to trends and patterns from past cycles, which have strengthened the dog-themed meme coin’s path to major rallies in previous cycles. As a result, Crow states that “DOGE is the most obvious play of this cycle.”
Looking at the chart shared by Crow, the analyst pointed out similarities between current chart patterns and trends seen in past cyclessuggesting that DOGE is positioning itself for a notable movement matching those observed over time.
Additionally, Crow points to a breakout of a descending triangle pattern in previous cycles that led to Dogecoin’s previous bull runs, noting that the coin formed the same pattern and broke away from the crucial formation of the graph. According to his chart, this particular formation has been around for about three years now, indicating the robustness of this model.
It is important to note that a descending triangle formation is a bearish pattern that anticipates a downtrend breakout formed by a series of lower highs and a lower resistance level. Although a break below this trend could cause a significant downtrend, a break above the indicator has often led to massive price increases.
As DOGE breaks out of the uptrend, it is possible that the meme coin will see a huge advance to challenge multiple resistance levels. Thus, Crow is confident that the much-anticipated bull run for DOGE after this key breakout could send it to the pivot price of $1 at the end of this bull cycle in 2025.
DOGE sees promising price movement
After a rebound during the weekend, DOGE has posted notable gains in recent days, fueling optimism about its near-term potential. This rebound is due to an overall bullish sentiment in the market.
Since the market’s resurgence, Dogecoin has been one of the best-performing crypto assets, racking up gains of nearly 25% in the past week. Currently, DOGE has returned to the $0.17 price level, reflecting a 6% increase in price. last 24 hours.
Despite the price rise, investors and traders may sell their holdings, as indicated by the drop in daily trading volume, which fell by more than 12%. If this trend persists, the current bullish momentum of the meme coin could run out of steam, leading to a correction in the coming days.
Featured image from Unsplash, chart from Tradingview.com