Is Dogecoin a Remake of the 2017 Bull Run ?
Since the beginning of 2023, Dogecoin has experienced highs and lows, swinging between euphoria and disillusionment. However, some analysts suggest that DOGE’s current trajectory could mimic that seen during the famous bull run of 2017, hinting at a potential new peak of $1.1.
According to the well-known crypto analyst Master Kenobi, the current Dogecoin price pattern is in line with the 2017 bullish frenzy. Back then, the memecoin experienced two roughly equivalent phases of increase in terms of duration and value. After an initial pump phase, DOGE then underwent a period of consolidation before recording a parabolic rally peaking at record levels.
“Based on the similarities between the 2017 bull run and the current cycle, Dogecoin could well experience the second phase of its bull run, just like in 2017,” stated Master Kenobi in a post on X. He predicts that DOGE could reach the long-awaited limit of $1 as early as the first week of June.
Technical Signals and Key Levels
Aside from the parallel with 2017, other crypto analysts also see positive technical signs for Dogecoin in the short term. Crypto trader Lycus, for example, believes that DOGE has bottomed out and a bullish reversal is imminent.
According to him, Dogecoin is showing a support formation after a sharp correction from $0.50, followed by a sharp decline to the current support zone around $0.17. This $0.17 level is crucial, having already served as a consolidation zone before the last breakthrough.
“If DOGE bounces from this zone, its price could rise towards $0.25 and $0.35“, indicated Crypto Lycus. However, he warns that a break below this support could lead to further decline towards $0.10.
On the other hand, analyst Trader Tardigrade has also noted that Dogecoin is currently building momentum to initiate a bullish trend reversal. His weekly chart indeed shows a doji, a signal often heralding a change in trend, as was the case at the start of the last rally.
Whether in June 2023 or August 2024, DOGE had rebounded from the lower end of its Mean Reversion Channel, before heading towards new highs. The chart shows that DOGE has touched this critical zone. So, can it repeat history?
DOGE will need to break the 24-cent resistance to stabilize in a new uptrend. A price that also corresponds to its 200-day moving average. This is the crucial resistance to watch.
