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Dogecoin shows potential for significant gains as market trends repeat

Dogecoin shows potential for significant gains as market trends repeat

GrafaGrafa2024/09/02 01:55
By:Isaac Francis

Dogecoin (CRYPTO:DOGE), a well-known altcoin in the cryptocurrency market, is gaining attention for its history of significant rallies during bull markets.

Analysts believe that Dogecoin might see another substantial increase in the coming months, potentially driving its price to new highs.

Crypto analyst Dima James Potts has highlighted a recurring pattern in Dogecoin’s price movements.

According to Potts, Dogecoin has shown a bullish chart formation in past bull markets that has preceded major price surges.

For example, before the 2017 bull market, Dogecoin surged by 9,000%, rising from $0.00009 to $0.014.

A similar pattern was observed before the 2021 bull cycle, where Dogecoin’s price soared from below $0.015 to $0.7, marking an 18,000% increase.

Potts suggests that this recurring pattern is forming again, indicating that Dogecoin could be on the verge of another significant rally.

He notes that these price increases often occur in the third year of each market cycle, which aligns with a potential bull rally starting in 2024 and continuing into 2025.

Potts also points out that specific lines on Dogecoin’s chart, which previously indicated these rallies, have intersected again, suggesting that history might repeat itself.

Based on trends from the previous two cycles, Potts predicts that Dogecoin could see a substantial price increase, potentially reaching as high as $10 in the next bull run.

If this were to happen, it would represent a 10,000% surge from Dogecoin’s current price of $0.1.

Potts emphasizes that if the trend from the first two cycles continues, Dogecoin might experience a similarly impressive, if not greater, price appreciation in the upcoming cycle.

At the time of writing, the Dogecoin price was $0.09539.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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