According to crypto analyst Ali, Dogecoin could be repeating the exact price action sequence that preceded its enormous 28,700% price explosion in 2020. With DOGE breaking out of a similar triangle pattern and consolidating, hopes are high among bulls that history could repeat itself with another parabolic leg up.
As Ali charts out, in the months leading up to its earth-shattering 2021 run, Dogecoin had been locked in a descending triangle structure from which it was finally able to break out. Currently, DOGE appears to have broken out from a similarly tight descending triangle that constrained its price action.
Consolidation Setting Stage for Lift Off Back in 2020
Dogecoin consolidating sideways after its descending triangle breakout paved the way for its monumental bull run to follow. Right now, DOGE seems to be in an almost identical phase of muted consolidation and range-bound trading post-breakout. If past price sequences repeat, this calm could precede the next storm of buying frenzy.
While the scale of Dogecoin’s eventual top in 2021 dwarfing its 2020 peak shows nothing is guaranteed, the noticeable rhyme in price action and pattern development remains enticing. DOGE has the attractiveness of being a proven moonshot combined with chart echoes of the early structure that sent it into orbit before. This precedent-setting backdrop makes the chance of fresh parabola-style gains all too real.
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Show more +Show less –Dogecoin’s current flat consolidation mirrors the prelude to its seismic rally of 2021. With DOGE having checked the boxes of breaking its descending triangle and stabilizing just like it did previously, hopes are understandably high among bulls of a encore performance for the memecoin. The stage seems set for DOGE to again leave earth’s atmosphere and ignite rocket thrusters that could send its price to exceptional new heights.
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The post Dogecoin (DOGE) Setting Stage For Major Bull Run as Early Pattern That Led to Last +28,00% Pump Resurfaces appeared first on CaptainAltcoin.
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