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Here’s What Happens If Dogecoin Follows Previous Cycle Trends
Dogecoin is starting to stabilize above the $0.16 level once more, as depicted by its price action over the past 48 hours. Currently, bulls of the meme coin are attempting to reverse the downtrend that started earlier this month, which saw its value pull back to $0.146 early last week.
However, despite a sluggish sentiment at present, a closer examination of historical trends indicates that the recent decline could be the calm before an explosive continuation. Interestingly, technical analysis suggests that Dogecoin might be on track to reach valuations above $20 if it replicates one of its previous cycle trends.
A thorough examination by crypto analyst Javon Marks reveals three distinct phases of accumulation followed by massive growth: the 2017 rally, the gigantic 2021 bull run, and what appears to be the early-to-mid stages of the current cycle.
Source: bitcoinist.com
