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Dogecoin

Dogecoin Patterns That Led To 28,000% Rally In 2020 Have Returned

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin is once again on the radar of crypto investors after multiple important patterns have made their way to the fore. This was pointed out by crypto analyst Ali Martinez, who identified multiple patterns similar to what was seen in 2020 that could result in a parabolic rally.

Dogecoin Chart Looks Similar To 2020

2020 was a pivotal year for Dogecoin as it was the setup that led to one of the most impressive rallies in crypto history. It also shares a similarity with 2024 as it was also a year when the Bitcoin halving took place, leading to an incredibly bullish one year for the space.

Related Reading: Shiba Inu ERC-404 NFTs Ready To Go: Marketing Lead Drops Crucial Information

It seems Dogecoin is looking toward a repeat of this rally as similar patterns are beginning to form once more. According to crypto analyst Ali Martinez, the present performance of the meme coin does bear a striking resemblance to what it did in 2020. More specifically, the formation of a bullish descending triangle.

The previous descending triangle had formed in the years leading up to 2020 before ending in early 2020. From here, we can see in the chart that the DOGE price increased but made a number of notable dips and recoveries before the main rally.

Dogecoin

Source: Ali_charts on X

In the same vein, a descending triangle has been forming for Dogecoin from 2021 to 2024, and it has eventually found its bottom. Just like it did in 2020, the meme coin has seen a price surge, before recording dips and recoveries along the way.

If Martinez’s analysis is correct, then DOGE is on the brink of another parabolic rally. Now, while it may not end up being a 28,000% rally as seen before, it would be no less significant. In this case, the crypto analyst puts the target for Dogecoin as high as $10 if history were to repeat itself.

DOGE Inflation Could Be A Threat

While Dogecoin is a proof-of-work (PoW) blockchain just like Bitcoin, it differs from the latter in the fact that there is no cap on its supply. This meant that the supply of DOGE has grown tremendously over the last three years, which could hinder its possibilities of a rally.

Related Reading: Ripple CEO Backs XRP ETFs, Says They Will Be “Certainly Welcome”

For example, when Dogecoin hit $0.7 in 2021, it had a market cap of around $80 billion. However, if Dogecoin were to hit its all-time high of $0.7 with its current supply, the market cap would be more than $100 billion, meaning its supply has grown by around 25% since 2021.

Nevertheless, the expectations for Dogecoin are still high as it continues to enjoy support from the likes of Elon Musk. With its strong community, DOGE is poised to see another good performance in the bull market.

Dogecoin price chart from Tradingview.com

DOGE price at $0.08 | Source: DOGEUSD On Tradingview.com
Featured image from Markets Insider, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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