Dogecoin (DOGE) has had a meteoric rise. The coin rose by 10% during the day and by a whopping 29% in one week. This rally has taken this iconic memecoin to new heights currently ranked at the number eight spot by market capitalization.
Such surges are being credited to major dormant whale activities, which have started moving large amounts of DOGE back into circulation. Surprisingly enough, this jump does not seem to possess the usual fear of missing out (FOMO) sentiment prior to market tops, often seen, according to Santiment.
In an X post (Tweet,) Bari Behram, an analyst, talked about Dogecoin’s current situation. According to him, whenever DOGE had its weekly resistance levels in the past, it took just one week to reach the center band. Therefore, if history repeats itself, as suggested by Behram using some analogies from before, then DOGE may touch $1 anytime. Albeit underlined at such points of view also were other possibilities that were seen as too long-term, but they could still take up to 5 weeks as confirmed by examples in the past.
According to CoinMarketCap, Dogecoin is currently trading at $0.216982, with a staggering 24-hour trading volume exceeding $2 billion. Analyst Ali emphasized the enduring significance of Dogecoin within the altcoin sector, despite the proliferation of new “shiny” meme coins that have captured investors’ attention. Ali suggested that from a technical standpoint, DOGE’s current price action closely resembles patterns observed between 2018 and 2021, hinting at the potential for a monumental bull run in the making.
Dogecoin Historical Analysis: The DOGE April Fractal
In particular, the DOGE coin has broken its monthly super trend resistance, which is an important development in its long-term direction. The last time a buy signal like this was seen was four years ago, which marked a pivot point for the fans of DOGE.
Additionally, a crypto enthusiast made an interesting analysis regarding DOGE’s past performance in April. This “DOGE APRIL FRACTAL,” as he calls it, is a recurring phenomenon whereby Dogecoin experiences bottoms on or around the 1st of April, followed by significant price pumps. When analyzed over the last five years, these April surges have proved to be very lucrative for traders sometimes below them making profits of more than one hundred percent.
At present, many investors are now looking at Dogecoin with fresh eyes considering the aggressive meme-related activities in the current market situation; they know it can make significant gains within weeks. If the frenzy persists, Dogecoin’s diehards may have their $1 dream revived in the days and weeks ahead.
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