Originally published on: December 13, 2024
Dogecoin seems to be following a familiar pattern that could lead to a massive price surge in the near future. After a 480% rebound from its recent lows, including a significant rally after Donald Trump’s election victory, Dogecoin is now consolidating in a tight range.
The current price action of Dogecoin closely mirrors its behavior before an 8,000% rally in 2021. The cryptocurrency is trading within a range of $0.39-$0.48, showing signs of a potential breakout. A fractal pattern on the weekly chart indicates a possible 85% surge in price, targeting $0.75 by January 2025.
Onchain data also supports this bullish outlook. Addresses holding 1 million DOGE or more have reached an all-time high, showing increased confidence among large investors. This trend was also observed during the 2021 rally, indicating growing demand for Dogecoin.
Elon Musk’s influence remains a key factor in Dogecoin’s performance, with recent developments like the launch of the Department of Government Efficiency (DOGE) sparking renewed interest in the meme cryptocurrency. As speculation grows, could Dogecoin be on the brink of another major rally?
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