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The Dogecoin price has been consolidating around the $0.1 mark, experiencing notable price fluctuations. Amidst this market volatility, the cryptocurrency displays a unique historical chart pattern that a crypto analyst has deemed bullish. Should Dogecoin continue to stay above this pattern, its price is expected to witness a massive 300X run to new All-Time Highs (ATHs) at $30.
Dogecoin Price Pre-Rally Stage Signals Potential Pump
Crypto analyst, Trader Tardigrade has revealed a new technical pattern in the Dogecoin price chart, signaling a potential move upwards to new ATHS. The analyst took to X (formerly Twitter) on October 5 to discuss this price pattern, highlighting that Dogecoin is currently trading above the 200-day Simple Moving Average (SMA).
The 200 SMA is a key technical indicator used in determining the overall long-term market trend of a cryptocurrency. Based on this price pattern, Trader Tardigrade draws a comparison between Dogecoin’s current price action and its historical movements from 2017 to 2020.
According to the analyst, Dogecoin is mirroring past moves and could see its price experiencing a similar bullish rally from the past. From 2017 to 2019, Dogecoin witnessed a massive price jump before entering a “pre-rally stage” and pumping again between 2021 and 2023.
Based on Trader Tardigrade’s analysis, Dogecoin has completed another pre-rally stage and is now ready to move higher. The analyst has predicted the cryptocurrency could experience a significant 300X pump to $30, before spiraling down back towards the $6 mark.
Historical Patterns Point To Another Major Rally
In another recent X post, crypto analyst Ali Martinez disclosed that Dogecoin’s current price behavior resembles a pattern from the past, specifically a multi-year descending triangle pattern formation.
At the time, Dogecoin broke out of this critical triangle pattern, triggering a price surge of approximately 200%. After this massive surge, the price of the dog-themed meme coin retraced by about 60%, and then entered an even larger bull run.
Following Dogecoin’s current price movements, the historical descending triangle pattern can be seen, indicating a potential breakout to the upside. Martinez has revealed that the Dogecoin price has already experienced a 65% pullback, as a result, the analyst projects that Dogecoin could be gearing up for its “next big rally.
Based on Martinez’s Dogecoin price chart, before 2017, the cryptocurrency saw a 229.58% surge, climbing to $0.00035 after breaking out of the crucial descending triangle pattern. Similarly, between 2018 and 2021, the meme coin broke out of the same triangle pattern, resulting in a 138.04% rally, which pushed its price to $0.00318.
With Dogecoin’s latest descending triangle pattern, which began forming in 2021, and has continued through 2024, Martinez predicts a 207.85% price pump, pushing the meme coin above $0.15.
Featured image created with Dall.E, chart from Tradingview.com
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