A cryptocurrency expert highlighted a repeating pattern in the Dogecoin (DOGE) price chart that led to a historic price surge in 2020. During this time, DOGE’s price skyrocketed by over 26,000%, turning many early investors into millionaires in just a few months. Now, with the current chart structure repeating the same pattern, the analyst believes that Dogecoin may be gearing up for another historic rally, this time to a price target of $2.
Dogecoin Price Repeats Historical 2021 Bull Run Pattern
In one of his latest analyzes of Dogecoin on X, market analyst Crypto Patel he stated that DOGE is currently in the same powerful accumulation zone as of 2021 caused its price to reach the highest level in history. He marked this zone at around $0.10, noting that Dogecoin was trading around that level before rising more than 26,834% to $0.74 in the previous bull market.
Crypto Patel noted that at the time, tweets from the CEO of SpaceX and Tesla, Elon Musk played the role of a major catalyst per share of the rising price of the meme coin. With renewed attention on Dogecoin, the analyst now believes that the fractal pattern from the previous bull market is repeating itself in this cycle.
He noticed it bull run 2020-2022 it went through waves 1 to 5, with significant price fluctuations, before finally peaking in the last wave. In the attached chart, Crypto Patel showed that in Wave 1 Dogecoin experienced its first breakout before jumping back to a recent high in Wave 2. This rally continued, and Waves 3, 4, and 5 showed the price rising before the top eventually triggered a bearish downtrend.
Fast forward to the current cycle, the Crypto Patel chart shows that the market is mirroring the same movements. Around 2024, Dogecoin experienced two breakouts similar to those in the previous cycle. After the second breakout, the price retested the previous lows before experiencing another powerful rally, marking Wave 3.
Crypto Patel analysis shows that the market is currently in Wave 4, after months of significant volatility and price declines. If history repeats itself, the analyst predicts that Dogecoin could see another parabolic rise soon. His chart points to upper price target around $2.0which represents an raise of over 2,767% compared to the current accumulation zone between $0.07 and $0.10.
Dogecoin whale activity increases with the price
While analysts maintain their bullish stance on Dogecoin, the meme coin is also gaining ground acute raise in whale activity and price. The latest data shows that whales are hoarding Dogecoin en masse.
Cryptocurrency analyst, Mando CT, reported that whale wallets containing DOGE reached a recent all-time high of 108.52 billion tokens worth approximately $11.6 billion. He noted that immense holder activity also rose to a six-month high, reflecting this renewed interest and demand for a meme coin. At the same time, CoinMarketCap data shows that the price of DOGE has increased by over 3.4% in the last 24 hours, driven by recent changes in the Bitcoin price get back to $80,000.
Featured image from iStock, chart from Tradingview.com
