Dogecoin Price Poised for Major Upswing: Here’s Why It May Hit New All-Time High at $5
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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 gained strength, the markets also turned bullish. Most cryptos initiated a strong recovery from the latest pullback, which has kept up the momentum of most altcoins. While some altcoins experienced a major rise, Dogecoin faced a minor upswing, but before entering the bullish zone, it was hindered by significant bearish action. Regardless of this interference, the DOGE price remains poised for a massive upswing as a new ATH at $5 is programmed.
Dogecoin garnered mainstream attention during the 2021 bull run. Moreover, the bull run initiated with the DOGE price rally that surged from consolidation around $0.0045 to an all-time high of $0.7376. A similar rise has been recorded since the start of the last quarter of this year, which is expected to trigger a 2021-like bullish trend.
Here’s Why
The DOGE price recently transitioned from a long consolidation phase in the accumulation stage that lasted from early November to mid-December, followed by a manipulation phase. Historically, a strong distribution is anticipated to follow, which will propel the DOGE price towards a new ATH.
A popular analyst, Trader Tardigrade, discovered the similarities between the 2021 bull run and the current price action. The analyst highlighted the cryptocurrency repeating the same consolidation pattern it exhibited in 2021. Dogecoin’s price surged heavily in January 2021, followed by a minor consolidation that ultimately resulted in a massive breakout to an ATH.
Currently, the price is witnessing the same consolidation pattern, which is expected to propel the DOGE price towards a new all-time high of $5.
Source: coinpedia.org
