The Dogecoin price is showing signs of replicating a bullish fractal from 2021, indicating the potential for a price breakout to new highs. A crypto analyst has compared this historically recurring fractal to Dogecoin’s current trajectory, predicting a massive surge to new all-time highs by January.
In a recent post on X (formerly Twitter), Trader Tardigrade, a prominent crypto trader and analyst, projected that Dogecoin could experience an explosive price rally beyond $4 by January 2025. The analyst pointed out that Dogecoin is mirroring a crucial fractal observed during its significant price pump in the 2021 bull run.
The analyst presented two parallel charts comparing Dogecoin’s movements between 2020 and 2021 with those of 2024. The charts highlighted Dogecoin’s price action in 2020, leading to a massive spike in January 2021. Before this surge, Dogecoin went through various consolidation patterns, including a local peak, a price recovery after a dip, and a period of gradual consolidation.
Based on Trader Tardigrade’s analysis, Dogecoin is currently repeating this bullish setup, with similar consolidating patterns appearing on its price chart. If these bullish fractals hold, Dogecoin could follow its previous price action and undergo a strong rally akin to the 2021 pump. The analyst emphasized January as a crucial month during this bull market, predicting that Dogecoin could surpass $4 if it repeats the historical fractal.
Another crypto analyst, Javon Marks, also predicted a significant bull rally for Dogecoin, highlighting the importance of historically repeating patterns in determining the meme coin’s future trajectory. Marks shared a chart outlining Dogecoin’s price behavior across three distinct cycles – Cycle 1, Cycle 2, and Cycle 3.
Each cycle followed a similar consolidation pattern within a descending triangle, followed by a breakout leading to a substantial price rally. Dogecoin exceeded the 1.618 Fibonacci Extension level during each cycle after replicating the historical consolidation patterns successfully. Marks forecasted that if the current trend in Cycle 3 continues, Dogecoin could experience a surge of over 570%, potentially reaching $2.28 or higher.
Overall, both analysts predict a bullish outlook for Dogecoin based on historical fractals and repeating patterns in its price behavior. The potential for a price breakout to new all-time highs by January indicates a positive trajectory for the popular meme coin in the near future.
