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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 accelerated in the meme market due to their volatile nature, triggering a substantial pullback in assets like DOGE and SHIB. However, crypto analysts emphasize that Dogecoin’s price pullback mirrors the 2017 and 2022 parabolic run, suggesting a potential rally in the near future.
According to Coinmarketcap, the dog-themed memecoin trades at $0.32 with an intraday gain of 3.32%. Meanwhile, the asset’s market cap stands at $47 Billion, and the 24-trading volume wavers at $4.16 Billion.
Historical data indicates that such corrections are a natural part of Dogecoin’s price cycles, often preceding explosive upward movements. The memecoin price sustaining above 50% Fibonacci retracement level suggests the broader market trend is bullish. The $0.28 and $0.22 levels serve as key pullback support for DOGE.
In recent times, a prominent analyst, Ali Martinez, has tweeted that Dogecoin’s current correction resembles its past behavior. In a tweet, he highlighted DOGE’s 2021 rally, which recorded a surge of 212% before a 40% correction and then delivered 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, Dogecoin had already climbed 440% before retracing 46%, closely mirroring its past behavior. Analysts believe that the current correction retracement could recuperate the bullish momentum for parabolic growth ahead.
Dogecoin Analysis| Ali Martinez
Source: www.cryptonewsz.com
