Dogecoin price may be on the verge of another price rally, according to a market analysis comparing its current trend to the 2017 cycle. A detailed chart analysis suggests a similarity between DOGE price movements in 2017 and its trajectory in 2024.
The data shows that in 2017, the meme coin experienced a surge followed by a consolidation period lasting 115 days before another upward movement. The present cycle has now extended to 119 days, indicating a potential repeat of past trends. If the pattern holds, analysts predict DOGE price could reach the $1 mark by June 2024.
Analyst Predicts Dogecoin Price Could Hit $1 by June
Analyst Master Kenobi took to the X platform, formerly known as Twitter, to highlight a potential repetition of Dogecoin’s historical price cycle. According to his analysis, Dogecoin had a 115-day consolidation period between major price surges in 2017. The current market structure shows a similar pause, now lasting 119 days. This resemblance to past movements suggests that Dogecoin price could be approaching another breakout phase.
The analysis also points to technical indicators supporting this prediction. The Relative Strength Index (RSI) displayed a sharp increase during the initial rally in both cases, followed by a downward correction during the consolidation phase.
Once RSI stabilized in 2017, the price experienced another surge. A similar pattern appears to be forming in 2024, reinforcing the expectation of a possible upward movement.
Source: X
Historical price cycles further strengthen the argument for a potential rally. The 2017 surge followed a prolonged accumulation phase, which appears to be repeating in the current cycle. If the top meme coin follows the same trend, analysts believe the meme coin rally could push DOGE toward the $1 mark in the coming months.
Technical Indicators Suggest a Meme Coin Rally
The analysis of Dogecoin price trends incorporates several technical indicators that align with the 2017 price cycle. Moving averages, RSI, and price action suggest that the current consolidation phase may be setting up for another strong rally.
More so, the Moving Average Convergence Divergence (MACD) indicator is signaling a potential bullish crossover as the blue MACD line is rising and appears to be crossing above the orange signal line. This crossover is a classic technical indicator of increasing bullish momentum, often interpreted as a buy signal by traders.
Additionally, the histogram bars have transitioned to blue, reinforcing the likelihood of an upward trend. As the histogram expands positively, it suggests growing buying pressure, which could push Dogecoin’s price higher in the coming sessions. This development indicates that momentum is shifting in favor of the bulls, potentially setting up a price recovery.
Source: TradingView
Furthermore, the Awesome Oscillator (AO) is reflecting a similar sentiment, as the histogram bars are beginning to lighten in color, transitioning from deep red towards green. This shift in momentum suggests that bearish pressure is weakening, and a potential reversal may be forming. If the AO continues to print green bars, it would confirm a bullish divergence, adding weight to the bullish case
At press time, the top meme coin is trading at $0.1743, reflecting a 5.34% surge in the past 24 hours. Additionally, the 24-hour trading volume has increased by 11.81%, reaching $1.16 billion, while its market cap stands at $25.89 billion, indicating strong bullish momentum.
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