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Here’s What Happens If Dogecoin Follows Previous Cycle Trends | Bitcoinist.com
However, although current sentiment may seem sluggish, a look at historical trends suggests that the recent pullback could be the calm before an explosive continuation. Interestingly, technical analysis shows that Dogecoin might be on track to valuations above $20 if it repeats one of its previous cycle trends
Potential 120X Dogecoin Rally Above $20+
An analysis shared on X by crypto analyst Javon Marks takes a look at Dogecoin’s cyclical nature and price playout in previous cycles to predict its future movement for the current cycle. By mapping Dogecoin’s 12-day candlestick chart, the analyst identified three distinct phases of accumulation followed by massive growth: the 2017 rally, the massive 2021 bull run, and what appears to be the early-to-mid stages of the current cycle
Related Reading: Dogecoin Price On The Verge Of Massive Crash? The Setup To Pay Attention ToEach of the previous cycles began with months of sideways or slightly upward movement before finally going into parabolic gains. This pattern, which first took place in 2017, not only repeated in 2021 but ended up with larger returns and started from a higher base.
As shown in the chart below, Dogecoin surged by about 90X from its accumulation range in 2017. That was followed in 2021 by a bigger 306X rally that pushed DOGE into the mainstream and ended up with its current all-time high around $0.73
If the trend continues, the analyst predicted that Dogecoin could go on a rally of over 120 times its current value. In this case, the analyst projected a price target above $20 for Dogecoin’s next significant peak
This Cycle Could Be The Most Explosive Yet
The 2017 bull run delivered a 90X surge, followed by a much larger 306X explosion in 2021. If the same exponential growth pattern holds true, the current cycle could dwarf the price gains seen in both previous rallies
Related Reading: Dogecoin Price Closes Daily Candle With A Doji, What This MeansCycle-based projections have been the rave for Dogecoin and other large market cap cryptocurrencies. These predictions have resonated with technical analysts, especially with meme coin traders, because of how closely Bitcoin and Ethereum have adhered to four-year halving cycles
If DOGE’s performance truly follows its past, the rally to $20 will undoubtedly align with a wider altcoin euphoria that’s typically seen at the height of bull markets. Based on the current circulating supply of Dogecoin, a surge to $20 would see its market cap rising above $2 trillion. At the time of writing, DOGE is trading at $0.162, inching up by a small 0.8% in the past 24 hours.