Crypto analyst Master Kenobi has drawn a striking similarity between the current price action of Dogecoin and that of the 2017 bull run, suggesting that the popular meme coin could be on the verge of a major rally. In a recent post, Master Kenobi predicted that Dogecoin’s price could experience a significant surge based on the resemblance between its current pattern and that of the 2017 bull run.
The analyst pointed out a familiar formation in Dogecoin’s current pattern compared to one that emerged in mid-2017, although acknowledging some minor differences. According to Master Kenobi, if history repeats itself, the peak for Dogecoin’s price could potentially occur by the end of April. A chart accompanying the analysis illustrated how Dogecoin experienced a notable downtrend between May and September in 2017, following an earlier rally. However, the meme coin continued its upward trajectory, reaching as high as $0.01 in December of that year.
Similarly, Dogecoin has seen a significant downtrend from November until now, with a rally observed between September and October last year. Drawing parallels to 2017, this current downtrend could soon come to an end, leading Dogecoin into the second phase of its bull run. This could potentially propel the meme coin to reach its previous all-time high (ATH) of $0.73 or even surpass it.
Master Kenobi’s previous prediction also aligns with this analysis, suggesting that Dogecoin could mirror the August phase of last year when a substantial pump followed an extended consolidation period. If this scenario plays out, Dogecoin could see a six-fold increase from its current local bottom, potentially reaching as high as $1.25 before peaking in April or May.
Another crypto analyst, Trader Tardigrade, has also weighed in on the potential for Dogecoin to outperform the entire crypto market. Drawing comparisons to the 2021 bull cycle, when Dogecoin recorded historic gains surpassing other major cryptocurrencies, Trader Tardigrade expressed confidence in the meme coin’s future performance. In a separate post, the analyst highlighted a long wick on Dogecoin’s daily chart, suggesting the possibility of triggering another bull run, similar to late 2024.
At the time of writing, Dogecoin is trading around $0.26, experiencing a slight decline of almost 2% in the last 24 hours, according to data from CoinMarketCap. With analysts like Master Kenobi and Trader Tardigrade pointing towards a potential rally for Dogecoin based on historical patterns and market indicators, investors and enthusiasts will be closely monitoring the meme coin’s price movements in the coming weeks.