Dogecoin’s recent rally strong In the tide of more inflows in the cryptocurrency market. Over the past two weeks or so, Dogecoin has steadily moved steadily from $0.13 to $0.22 to the $0.24 region, with the current outlook approaching $0.25 per day to continue to rise.
As Dogecoin prices continue to compete with it in a shorter time frame, interesting technical analysis shows that the meme coins are The foundation has been laid Make a 30,000% breakthrough over a larger time frame.
Trader Tardigrade highlights repeated Doge/BTC modes
according to Recent Analysis DogeCoin’s Tarder Tardigrade on social media platform X is currently playing the same chart structure as before the extraordinary 30,000% rally in 2021. His analysis directly compares current Doge/BTC on the 2W candlestick time range chart and directly compares behavior at the end of 2020.
Over the two-week timeframe, the Doge/BTC ratio is forming a situation that appears to be a circular basic pattern, like the cumulative phase witnessed before this, which dropped from a price of approximately $0.0024 to a historical height of $0.739 in 2021.
The chart shared by analysts highlights this comparison, indicating that both cycles start with a long-term suppression of the dock/BTC ratio, and then suddenly collapses during the price of BTC, and eventually once the price of Bitcoin begins to consolidate. The red arrows shown in the figure below indicate the support level during the formation of the base. Finally, analysts highlighted a new breakthrough phase on the chart that could repeat the breakthrough phase before the 2021 Bull run.
What expectations do dogs have if history repeats itself
Trader Tardigrade’s analysis boils down to a series of three-phase events. First, Bitcoin will experience an upward movement, pushing the Doge/BTC ratio to a decline as capital flows into leading cryptocurrencies. From the latest 2021 high to the fourth quarter of 2023, this has played a role. The second phase involves Bitcoin entering the lateral trading area, making altcoins like altcoins perform better than and move back and forth like Dogecoin rooms, This is the current scope.
According to analysts, the final and most explosive phase will be Characterized by independence Like in early 2021, 30,000% of Dogecoin rally will be held in a few weeks. With this in mind, analysts projected over 240,000 on Dogecoin/Bitcoin profiles.
However, at the time of writing, Dogecoin trades for $0.235. Compared to the current price, 30,000% of the price is converted into a price target of around $70.
Featured Images from Getty Images, TradingView.com Charts
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