The dog-themed cryptocurrency with the highest market value, Dogecoin (DOGE), looks to be about to experience a significant increase.
“History never repeats itself, but it often rhymes.” Because of this, in order to predict future movements in prices, traders and analysts often examine if the present price behaviour is similar to prior trends.
In a recent tweet, cryptocurrency researcher Ali said that DOGE may be just beginning a tremendous parabolic bull run, if history is any indication. In this case, DOGE’s path of least resistance may go upward if the 2018–2021 fractal is any indication.
https://x.com/ali_charts/status/1774509832629854365?s=20
Technically speaking, DOGE appears to follow the 2018–2021 trend. If true, DOGE may be just starting a gigantic parabolic bull run, according to Ali’s X article. In addition to raising DOGE’s value, a parabolic bull run would push the cryptocurrency closer to the much sought $1 threshold.
However, historical data does not guarantee future performance. Dogecoin prices might drop in response to a possible swing in the market’s attitude towards bearishness.
Nevertheless, even though the signs suggest that Dogecoin is about to enter an exciting new phase, it is unclear if DOGE will be able to replicate its past success and go on a parabolic bull run.
Still, there’s a tangible sense of excitement, and the cryptocurrency community is keeping a careful eye out, prepared for whatever happens next.
Dogecoin price action
As of this writing, Dogecoin has increased by 0.21% over the past day to $0.207, reflecting the sluggish trade on the cryptocurrency market on April 1st. While on an upward trend, Dogecoin has declined, suggesting that traders are taking gains at $0.23.
During today’s trading session, Dogecoin dropped to an intraday low of $0.199 before somewhat rising to its current levels. Dogecoin may aim for the overhead barrier at $0.23 before moving on to the $0.30 level if the rally keeps up.
Conversely, a decline below $0.19 might lead to a drop to $0.17 and, ultimately, $0.13.
Gigawallet, a backend service that offers an easy-to-use integration API for platforms including online stores, exchanges, and social media platforms, debuted Version 1.0 last week. It is expected that this would serve as a favourable impetus for Dogecoin adoption in the coming days.
