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Dogecoin Following the Bullish Pattern—Here’s When the DOGE Price May Hit a New ATH at $5
As the Bitcoin price surged, the markets have turned bullish once again. While some altcoins experienced a major surge, Dogecoin (DOGE) witnessed a minor upswing before facing a significant bearish action. Despite this setback, the DOGE price remains poised for an enormous upswing as it heads towards a new all-time high at $5.
Dogecoin gained mainstream attention during its bull run in 2021, which was preceded by a massive rally that started with the cryptocurrency’s price surging from a consolidation around $0.0045 to an astonishing $0.7376. A similar surge has been witnessed since the beginning of the fourth quarter of this year, which is expected to trigger another 2021-like bullish trend.
The DOGE price recently transitioned from a prolonged accumulation phase that lasted from early November to mid-December, followed by manipulation phase. Historically, a strong distribution is expected to follow, propelling the DOGE price towards a new all-time high.
A prominent analyst, Trader Tardigrade, has discovered parallels between the 2021 bull run and the current price action. The expert highlighted that DOGE is repeating the same consolidation patterns it displayed in 2021. Given this pattern, the market participants may anticipate a new ATH much above $1, potentially reaching levels close to $4.5-$5 once these milestones are achieved, making it difficult for bears to drag the levels below $1 even during a strong bear market.
In conclusion, Dogecoin’s price action remains on course to record a new all-time high at $5 in the near future.
Source: coinpedia.org
