Dogecoin Mimics Past Bull Run Pattern, Surges Past Key Level

The cryptocurrency market is experiencing an exceptionally optimistic period for most assets, and Dogecoin (DOGE) has surpassed an important resistance level. It trades around $0.20, indicating an even stronger upward move.

Specifically, Dogecoin mirrors the chart pattern from 2018-2021, which indicates the possibility that it is currently at the beginning of a massive parabolic bull run. Renowned crypto trading expert Ali Martinez shared this observation in an X post on March 31.

The crypto analyst believes the popular doge meme cryptocurrency might soon pass the $0.40 resistance level. It could then quickly climb to $0.70 and set a new all-time high around $1.20. In an ambitious forecast, they even suggest DOGE may soar as high as $12 by the end of this year.

In early March, Martinez made comparable projections, stating that dogecoin “could reach $1 by mid-April…if past patterns repeat.” More recently, the analyst Cryptollica noted huge upward momentum on Dogecoin’s long-term price chart over an extended period.

DogeCoin Value Fluctuates Amid ‘Doge Day’ Hype

The meme cryptocurrency Dogecoin is currently valued at $0.2043, showing a slight 1.71% drop today. However, it has experienced impressive gains over the past week (18.63%), month (43.93%), and year (131.73%) as of April 1st data.

A potential catalyst driving Dogecoin’s recent upswing could be the upcoming “Doge Day” celebration on April 20. Supporters plan to promote and boost the coin’s value through various activities. Additionally, the launch of Dogecoin futures trading on Coinbase, a major cryptocurrency exchange, maybe a contributing factor.

Furthermore, the Dogecoin network is witnessing heightened activity, evident from the nearly 7 million DOGE holders. This increase partly stems from the asset’s rising valuation and the Dogecoin Foundation’s release of GigaWallet v1.0, enabling businesses to integrate Dogecoin payments seamlessly.

While these factors could propel Dogecoin’s predicted rally, the cryptocurrency market remains volatile. Conducting thorough research before making significant investments is crucial, as circumstances can rapidly shift in this industry.

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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.

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