A crypto expert has highlighted a recurring trend on the price chart of Dogecoin (DOGE) that led to its historic price surge in 2020. At the time, the price of DOGE soared by over 26,000%, turning many early investors into millionaires in just a few months. Now, with the current chart structure repeating the same pattern, the analyst believes that Dogecoin could be gearing up for another historic rally, this time towards a $2 price target.
Dogecoin Price Repeats Historical Bull Run Pattern of 2021
In one of his latest Dogecoin analyzes on X, Crypto market analyst Patel declared that DOGE is currently in the same high accumulation zone from 2021 as sent its price to an all-time high. He marked this area at around $0.10, noting that Dogecoin was trading around this level before surging over 26,834% to $0.74 during the previous bull run.
Related reading
Crypto Patel noted that during this period, tweets from SpaceX and Tesla CEO, Elon Musk, had played a major catalytic role to the rising price action of the meme coin. With renewed focus on Dogecoin, the analyst now believes that the fractal pattern of this past bull market is repeating itself in this cycle.
He noted that the bull run between 2020 and 2022 had gone through waves 1 to 5, with significant price fluctuations before finally peaking in the last wave. In its accompanying chart, Crypto Patel showed that in wave 1, Dogecoin experienced its first breakout before jumping again to a new high in wave 2. This bull run continued, with waves 3, 4, and 5 all showing prices rising before the spike ultimately triggered a downtrend.
Fast forward to the current cycle, Crypto Patel’s chart shows the market reflecting the same movements. Around 2024, Dogecoin experienced two breakouts similar to the previous cycle. After the second breakout, price retested old lows before experiencing another strong rally, marking wave 3.
According to Crypto Patel’s analysis, the market is currently in wave 4, following months of significant volatility and falling prices. If history repeats itself, the analyst predicts that Dogecoin could soon experience another parabolic rally. Its graph indicates a upper price target around $2.0which represents a rally of over 2,767% from the current accumulation zone between $0.07 and $0.10.
Dogecoin whale activity increases alongside price
As analysts maintain their bullish stance on Dogecoin, the meme coin also sees an increase in whale activity and the price. Recent data shows that whales are mass accumulating Dogecoin.
Related reading
A crypto analyst, Mando CT, reported that whale wallets containing DOGE reached a new all-time high of 108.52 billion tokens valued at approximately $11.6 billion. He noted that activity among large operators also reached its highest level in six months, reflecting renewed interest and demand for the same room. At the same time, data from CoinMarketCap reveals that the price of DOGE increased by more than 3.4% in the last 24 hours, fueled by the recent rise in Bitcoin. recovery of the $80,000 level.
Featured image from iStock, chart from Tradingview.com
