A crypto expert has highlighted a recurring pattern on the price chart of Dogecoin (DOGE) that led to the historic price rally in 2020. At the time, DOGE price had skyrocketed by over 26,000%, making many early investors millionaires in just a few months. With the current chart structure repeating the same pattern, the analyst believes Dogecoin may be preparing for another historic rally, this time to a $2 price target.
Dogecoin Price Repeats 2021 Historic Bull Run Pattern
In one of his latest Dogecoin analyzes on X, market analyst Crypto Patel says declared that DOGE is currently in the same strong accumulation zone as of 2021 sent its price to an all-time high. He marked this zone around $0.10 and noted that Dogecoin traded around this level before jumping 26.834% to $0.74 during the previous bull run.
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Crypto Patel noted that during that time, tweets from SpaceX and Tesla CEO, Elon Musk acted as an important catalyst to the meme coin’s upward price action. With renewed attention on Dogecoin, the analyst now believes that the fractal pattern of that past bull market is repeating itself in this cycle.
He noticed that the bull run between 2020 and 2022 had moved through waves 1 through 5, with significant price swings, before finally peaking in the final wave. In his accompanying chart, Crypto Patel showed that Dogecoin experienced its first breakout in Wave 1 before jumping to a new high again in Wave 2. This bull run continued, with Waves 3, 4, and 5 all seeing a higher price before the spike eventually sparked a bearish downtrend.
Fast forward to the current cycle: Crypto Patel’s chart shows the market mirroring the same movements. Around 2024, Dogecoin experienced two outbreaks similar to the one in the previous cycle. After the second breakout, the price retested the previous lows before experiencing another strong rally, marking Wave 3.
Based on Crypto Patel’s analysis, the market is currently in Wave 4, after months of significant volatility and price declines. If history repeats itself, the analyst predicts that Dogecoin could see another parabolic rally soon. His card points to one upper price target around $2.0representing a rally of over 2,767% from the current accumulation zone between $0.07 and $0.10.
Dogecoin Whale activity increases along with the price
While analysts maintain their bullish stance on Dogecoin, the meme coin is also seeing gains an increase in whale activity and price. Recent data shows that whales are collecting Dogecoin en masse.
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A crypto analyst, Mando CT, reported that whale wallets with DOGE have reached a new all-time high of 108.52 billion tokens worth approximately $11.6 billion. He noted that large farmer activity also rose to the highest level in six months renewed interest and demand for the meme coin. At the same time, data from CoinMarketCap shows that DOGE price has risen more than 3.4% in the past 24 hours, fueled by Bitcoin’s recent developments. recovery from the $80,000 level.
Featured image from iStock, chart from Tradingview.com