In 2020, Dogecoin (DOGE) an impressive rally that rose more than 15,800% in just six months to an all-time high of $0.76. The current price development shows similarities to 2020. These similarities, combined with the Bitcoin halving and the influence of Elon Musk’s tweets, make it very likely that we could see another resurgence of this rally.
A similar “paw print” to 2020?
From 2018 to 2020, Dogecoin was in a consolidation phase that seemed to last forever, with prices ranging between $0.0012 and $0.0056. This suggested a period of market equilibrium with relatively low volatility.
Currently, Dogecoin appears to be in another phase of consolidation, albeit in a higher price range between $0.055 and $0.218. Notably, these new limits correspond to the 2018-2020 Fibonacci retracement levels of 0.236 and 0.0, respectively.
Dogecoin is currently hovering around $0.218 and is once again encountering resistance there. Um seems however Enough strength to break this zone and reach new highs, possibly $0.22 and then towards the 161.8% Fibonacci area, around $0.23.
The Bitcoin halving throws a bone into the ring
The current attempt to break above the 0.236 Fibonacci threshold is similar to the breakout in the previous cycle, which could indicate a significant change in market sentiment if the price remains above this level, currently at $0.218.
With the Bitcoin halving approaching, this It is expected Since the halving will take place on April 22nd, it is also interesting to compare the Dogecoin price with previous halvings. For example, the price of Dogecoin increased by a staggering 34,300% after Bitcoin’s third halving on July 11, 2020, and Dogecoin gained over 6,350% after the second halving.
This data shows similarities to the course of 2020. But the question remains: Will history repeat itself? Obviously, past data is no guarantee of the future.
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