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Dogecoin

Dogecoin Master Plan For New ATHs: 2017 Crash Shows Where DOGE Price Might Be Headed

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

Crypto analyst Master Kenobi has unveiled a detailed analysis of how the Dogecoin price could rally to a new all-time high (ATH). In his analysis, he alluded to a similar crash that occurred in the 2017 bull run, which suggests that the foremost meme coin is ready to reach new highs. 

Why The Dogecoin Price Is Bound To Reach A New ATH

In an X post, Master Kenobi asserted that Dogecoin cannot close below its all-time high of $0.73. To drive home his point, he alluded to the 2017 bull run when DOGE dropped 84% after the first phase of its bull run, with this price crash happening over 112 days. The analyst remarked that this price crash was followed by an “equally long pump phase of 112 days.”

Related Reading: Dogecoin Price Prediction: Can DOGE Touch $1 This Cycle? Analyst Forecasts When You Should Buy And Sell

Meanwhile, in this market cycle, Master Kenobi noted that Dogecoin has only declined 625 after its pump phase, with this price crash lasting 98 days. While it is uncertain if DOGE has reached the bottom, the analyst remarked that signals from other charts suggest that the foremost meme coin may have already done so. 

Dogecoin
Source: Master Kenobi on X

If that is the case, market participants could expect a recovery period of approximately 98 days, similar to the number of days it took for DOGE’s price to crash after the first bull phase in this market cycle. Master Kenobi stated that a recovery of 98 days could bring DOGE to this cycle’s ATH sometime in early June, between the 2nd and 5th. 

The analyst’s accompanying chart showed that Dogecoin could rally to as high as $11 if it hits the upper boundary of the ascending channel, which he highlighted. Crypto analyst DOGECAPITAL also recently reaffirmed that DOGE could rally to double digits in this market cycle. 

An Inverse Head And Shoulders Pattern In Play

Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price, stating that an inverse Head and Shoulders pattern was in play for the foremost meme coin. The analyst’s accompanying chart showed that DOGE could be primed for a rebound as it rallies to around $0.24 and targets the $0.30 psychological support level. 

Related Reading: Dogecoin Price Confirming Final Retest, Here Are The Levels To Watch For A Bullish Breakout

In another X post, Trader Tardigrade also indicated that the Dogecoin price was bound to rebound. He noted that DOGE repeatedly revisits its previous local peak after each major price movement. The analyst further revealed that DOGE is at the last local peak right now. 

He added that the meme coin should spend some time in this range before continuing its uptrend. The next uptrend for Dogecoin is expected to be more parabolic, as the accompanying chart shows that DOGE could rally to a new ATH on the next leg up. 

At the time of writing, the Dogecoin price is trading at around $0.22, up over 6% in the last 24 hours, according to data from CoinMarketCap.

Dogecoin
DOGE trading at $0.22 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from iStock, 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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