Price Action of Dogecoin Displays Similar Pattern to 2020 Setup, Fueling Speculation on Potential Rally
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**Dogecoin Price Action Mirrors 2020 Setup Before Historic Rally to $0.70**
The price action of Dogecoin (DOGE) has taken a strikingly similar path to its December 2020 setup, potentially paving the way for another historic rally. Since June 22nd, DOGE has surged by an impressive 19.7%, significantly outperforming Bitcoin’s modest 8.75% gain during this period.
According to analysis provided by CryptoKaleo, the current price movement exhibits similarities with the 2020 setup before a historic rally propelled DOGE from $0.0034 to $0.70. This historical context is crucial in understanding the potential trajectory of DOGE’s price action.
The recent rally has seen DOGE break through key resistance levels at $0.173 and $0.196, marking significant milestones in its upward momentum. The $0.25 resistance zone now serves as a critical level for the meme coin, with some traders already eyeing this target.
This potential rally is fueled by Bitcoin’s current surge to new all-time highs of $121,209. As DOGE’s price tends to follow Bitcoin’s movements, it appears that DOGE could continue its upward trajectory.
While DOGE’s unlimited supply and constant inflation through new token creation make a 36,000% rally from the current levels less plausible, the analyst suggests that if historical patterns repeat themselves, DOGE may aim for $1-$2.4 before concluding its uptrend cycle.
Source: coincentral.com
