- DOGE’s current trajectory was similar to its pre-2017 and 2021 bull market phases.
Several user cohorts were accumulating DOGE, possibly motivated by history.
As a researcher with a background in cryptocurrency and market analysis, I’ve observed the Dogecoin (DOGE) market closely over the years. And based on my analysis of recent price trends and historical data, I believe we could be on the cusp of another DOGE bull run.
As a Dogecoin (DOGE) investor, I’m thrilled to see some positive price action after a 2% increase in the past 24 hours of trading. The community can breathe a sigh of relief as we watch the green candles on our charts.
Doge investors experienced relief as the rebound lessened their concerns following a weekly loss of almost 16%, and a significant decline of over 32% within the past month, based on information obtained from CoinMarketCap.
As an analyst, I’ve observed that the performance of the world’s largest memecoin has historically been quite dynamic. Therefore, considering its past trends, there are potential reasons for optimism.
History suggests incoming bull run
Expert analysis by Ali Martinez, a recognized technical expert in trading, indicates that the current price adjustment in Dogecoin (DOGE) is typical and should be anticipated prior to significant bull markets.
Martinez provided evidence for his points by bringing up two instances from the past, in the years 2017 and 2018.
In the year 2017, DOGE managed to escape from a descending triangle pattern. After that, it experienced a decline of approximately 40%. However, this setback was short-lived as DOGE went on to surge an astounding 982% and reach new record highs.
As a researcher studying cryptocurrency trends, I’ve observed that DOGE followed a similar pattern in 2021 to its previous trajectory. After breaking out of a descending triangle formation, the price retreated approximately 56%. However, what came next was truly remarkable – a parabolic surge of over 12,197% that propelled DOGE to reach its all-time high (ATH).
In 2024, I observed history repeating itself with DOGE as it emerged from a descending triangle and entered a corrective phase. Having met the initial two criteria, I perceived that the market conditions were becoming favorable for a potential DOGE bull run.
As a diligent researcher, I strongly recommend conducting your own in-depth investigation before making any investment decisions, especially when dealing with unpredictable assets such as meme coins. While the insights from respected analysts are valuable, they should not be relied upon solely. By immersing yourself in thorough research, you’ll gain a more comprehensive understanding of the asset and its potential risks and rewards.
Realistic or not, here’s DOGE’s market cap in BTC terms
DOGE holders dip-buying
Based on the findings from AMBCrypto’s examination of Santiment’s data, it appears that some user groups with DOGE holdings ranging from 10 to 1 million units remained informed about the historical correlation despite the dropping prices.
The accumulation underlined their belief in DOGE’s bull run and long-term value appreciation.
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2024-05-03 01:38