DogecoinThe company’s newfound price momentum has sent shockwaves through the overall cryptocurrency sector. As a result, several enlightened crypto experts have shown robust bullish sentiment towards DOGE as they make predictions about a possible major rally in the short term while highlighting moves that resemble previous trends.
Dogecoin to reflect previous cycle trends?
Market expert and trader Crow made the point in a recent post on X pointed out that Dogecoin could soon prepare for a significant price increase, possibly to a new all-time high. The expert’s bold prediction is thanks to past cycle trends and patterns, which have supported the dog-themed meme coin’s path to major rallies in previous cycles. As a result, Crow declares that “DOGE is the most obvious piece of this cycle.”
Looking at the chart shared by Crow, the analyst pointed out similarities between current chart patterns and trends from previous cyclessuggesting that DOGE is positioning itself for a notable move that matches the movements observed over time.
Additionally, Crow points to a breakout from a descending triangle pattern in the previous cycles that led to Dogecoin’s previous bull runs, noting that the same angle has formed the same pattern and broken out of the crucial chart formation. According to his chart, this particular formation has been playing for about three years now, indicating the robustness of this pattern.
It is important to note that a descending triangle formation is a bearish pattern that anticipates a breakout of a downtrend, formed by a series of lower highs and a lower resistance level. While a breakout below this pattern could cause a significant downtrend, a breakout above the indicator often results huge price increases.
With DOGE breaking out of the pattern on the upside, there is a possibility that the meme coin will gain a huge lead to challenge multiple resistance levels. Thus, Crow is confident that the long-awaited bull run for DOGE following this major breakout could send the company to the crucial $1 price level at the end of this bull cycle in 2025.
DOGE sees promising price movements
After a recovery over the weekend, DOGE has made notable gains in recent days, fueling optimism about its near-term potential. This recovery was due to the overall bullish sentiment in the market.
Since the market’s revival, Dogecoin has been one of the best-performing crypto assets, with gains of almost 25% in the past week. Currently, DOGE has recovered to the $0.17 price level, reflecting an increase of 6% last 24 hours.
Despite the price increase, investors and traders may sell their holdings, as evidenced by a drop in daily trading volume, which has fallen by more than 12%. Should this trend continue, the meme coin’s current upward momentum could lose steam, leading to a correction in the coming days.
Featured image from Unsplash, chart from Tradingview.com