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Dogecoin Shiba Inu

Dogecoin Price Mirrors 2021 Election Inauguration Pattern, Here’s What Happened Last Time

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

According to Cephii, a crypto analyst on X (formerly Twitter), the current Dogecoin price action mirrors the 2021 election inauguration pattern, signaling a potential price surge to new ATHs on the horizon. Despite declining by more than 10% in one week, the Dogecoin price continues to strengthen amidst bearish conditions. 

Dogecoin Price To Repeat Election Inauguration Rally

During the bull cycle in 2021, the Dogecoin price rallied to new ATHs, driven by broader market adoption, political influence, and other bullish factors. Cephii revealed on X that Dogecoin experienced a massive 1,100% pump just one week after the United States (US) Presidential inauguration in 2021. At the time, Dogecoin had eliminated one zero from its price, rising from $0.00684 to $0.0795.

Related Reading: Dogecoin And Trump Inauguration: Why The Next 7 Days Are Very Important

Sharing two parallel charts of this bullish trend pattern, Cephii points out striking similarities between Dogecoin’s current price action and its behaviour in the 2021 bull cycle. The first chart highlights two Moving Averages (MA), with the blue trend line crossing above the red, signaling potential bullish momentum for Dogecoin. 

Dogecoin price 1
Source: X

The second chart, depicting Dogecoin’s current cycle, shows the meme coin trading at $0.344 while its resistance and support zones have been indicated through Fibonacci extension and retracement levels. The chart shows that Dogecoin is nearing a critical point at 0.414 Fib, which aligns with the historical resistance above $0.344. The other Fibonacci levels, such as 0.739 and 1.547, which correspond to the $0.7 and $1.4 price points, represent long-term bullish targets for Dogecoin if its upward momentum continues. 

Dogecoin price 2
Source: X

Notably, the moving averages in the second chart show a similar pattern of movement. They show a bullish crossover, with the blue MA trendline crossing over the red. This price structure indicates a potential breakout scenario, mimicking the 2021 US Presidential inauguration setup. 

With Dogecoin’s price movement tracking historical trends, Cephii has predicted that the meme coin could soon experience an almost identical surge to the one witnessed in the last Presidential inauguration. With Donald Trump set to be inaugurated by January 20, 2025, speculation is brewing that this political event could once again drive a notable rally in the Dogecoin price. 

How Trump’s Inauguration Could Affect Dogecoin

Discussions in the crypto community are heating up as analysts predict the outlook of the Dogecoin price after Trump’s US Presidential inauguration on Monday. Reports have revealed that investors are betting on what crypto-related words, like Dogecoin, might be mentioned during the inauguration ceremony. 

Related Reading: Here’s Why The Bitcoin, Ethereum, And Dogecoin Prices Are Crashing

On the other hand, many believe that this inauguration day could be a historical moment for Dogecoin, fueled by bullish sentiment and the creation of Elon Musk’s Department of Government Efficiency (D.O.G.E). With Musk’s influence, Trump’s support, and the growing enthusiasm surrounding Dogecoin, many hope this event could spark renewed momentum in the meme coin’s price.

Dogecoin price chart from Tradingview.com
DOGE price struggles with $0.35 support | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, 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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