news 
Dogecoin Rally Imminent? 2024 Price Action Mirrors Past Cycles
Since last week, the cryptocurrency market has experienced a significant correction following the U.S. Fed’s rate cut and Bitcoin slipping below $95K. The selling pressure accelerated in the meme market due to their volatile nature, triggering a substantial pullback in assets like DOGE and SHIB. However, crypto analysts highlight that the Dogecoin price pullback mirrors the 2017 and 2022 parabolic run, indicating a potential rally in the near future.
As per Coinmarketcap data, the dog-themed memecoin trades at $0.32 with an intraday gain of 3.32%. Meanwhile, its market capitalization is hovering around $47 Billion, while the 24-trading volume wavers at $4.16 Billion.
The analysis suggests that such corrections are a natural part of Dogecoin’s price cycles, often preceding explosive upward movements. Moreover, the memecoin’s price sustaining above the 50% Fibonacci retracement level indicates the broader market trend remains bullish. The $0.28 and $0.22 marks stand as key pullback support for DOGE.
History Repeating? Dogecoin Price Eyes $17.9 with Parabolic Rally
Dogecoin, the popular meme cryptocurrency, appears to be repeating its historical patterns of parabolic rallies, stirring excitement among investors. Renowned analyst Ali Martinez recently drew attention to DOGE’s 2021 rally, which recorded a surge of 212% before correcting by 40% and then delivering a massive surge of 5,000%. A similar trend unfolded in 2022 when Dogecoin price gained 476%, corrected by 56%, and later surged by an astonishing 12,000%, capturing widespread attention during the crypto market’s bull run. In 2024, DOGE had already climbed 440% before retracing 46%, closely mirroring its past behavior. Analysts believe the current correction retracement could recover the bullish momentum for parabolic growth ahead.
Dogecoin Analysis| Ali Martinez
If history repeats itself, the Dogecoin price prediction could extend its target to $17.9, indicating a potential growth of an astonishing 5,500%.
Key Fibonacci Support Levels to Watch
Over the past two weeks, the Dogecoin price displayed a sharp pullback from $0.48 to $0.327, accounting for a 32.5% retracement. As the selling pressure persists with Bitcoin’s correction below $95k, DOGE has shifted its price trajectory sideways. The daily chart showcases a long-tail rejection candle indicating renewed demand pressure at $0.28, backed by a 50% FIB level. Theoretically, this level is crucial for buyers to bottom on the ongoing correction.
DOGE/USD -1d Chart
However, if the correction extends, buyers could seek support at $0.22 if aligned with the 61.8% FIB level.
While there are no guarantees in the crypto market, it appears that history may be repeating itself for Dogecoin.
Source: www.cryptonewsz.com
