Unlikely Correlation: Dogecoin Price Movement Echoes 2021 Election Inauguration Pattern
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Dogecoin Price Mirrors 2021 Election Inauguration Pattern, Here’s What Happened Last Time
A striking pattern has emerged in the Dogecoin (DOGE) price chart, eerily reminiscent of a similar phenomenon witnessed during the US Presidential inauguration ceremony in 2021. This peculiar trend raises hopes among enthusiasts that the meme coin could be on the cusp of another explosive rally.
As reported by Bitcoinist earlier this week, several indicators and technical analysis tools have pointed to $0.07 and $1.4 price points as long-term bullish targets for Dogecoin if its upward momentum continues. These levels have garnered significant attention among traders and investors due to their historical significance.
In a surprise twist, the DOGE chart has taken on an uncanny resemblance to the 2021 US Presidential inauguration pattern. Last year, DOGE’s price surged by over 140% in response to the event. This unusual correlation has sparked widespread interest among market participants, leading many to speculate about the potential implications of this phenomenon.
To better understand the gravity of this situation, let’s take a step back and analyze what happened during that 2021 event. As seen on the chart below, DOGE’s price began to exhibit significant bullish momentum in the days leading up to January 20th, eventually culminating in a massive rally.
DOGE/USDT Chart (Source: TradingView)
While some may dismiss this correlation as mere coincidence, it is essential to consider the context and historical data that have led to these conclusions. The current pattern bears an uncanny resemblance to the 2021 setup, and many analysts believe that history might be repeating itself.
The possibility of a similar outcome has sent shockwaves throughout the crypto community, with many speculating on the potential implications of this event for DOGE’s price action moving forward.
It is essential for investors and traders alike to stay vigilant and monitor developments closely as these events unfold.
Source: bitcoinist.com
