Analyst Says Dogecoin Is The Most Obvious Play Of This Cycle, Here’s Why | Bitcoinist.com

Dogecoin‘s renewed price momentum has sent shockwaves in the general cryptocurrency sector. Due to this, several enlightened crypto experts have demonstrated robust bullish sentiment toward DOGE as they offer predictions about a possible major rally in the short term while highlighting movements akin to previous trends.

Dogecoin To Mirror Past Cycle Trends?

Market expert and trader Crow, in a recent post on X, has pointed out that Dogecoin could be gearing up for a significant price rally shortly, potentially to a new all-time high. The expert’s bold prediction is due to past cycle trends and patterns, which buttressed the dog-themed meme coin’s path to major rallies in previous cycles. As a result, Crow declares that “DOGE is the most obvious play of this cycle.”

Looking at the chart shared by Crow, the analyst highlighted similarities between the current chart patterns and trends seen in past cycles, suggesting that DOGE is positioning itself for a notable move in correspondence to the ones observed over time.

Furthermore, Crow points to a breakout from a Descending Triangle pattern in the previous cycles that led to Dogecoin’s past bull runs, noting that the meme coin has formed the same pattern and has broken out from the crucial chart formation. According to his chart, this particular formation has been playing out for about three years now, indicating the robustness of this pattern.

It is important to note that a descending triangle formation is a bearish pattern that anticipates a downward trend breakout formed by a series of lower highs and a lower resistance level. While a breakout below this pattern could cause a significant downtrend, a breakout above the indicator has often led to massive price upswings.

With DOGE breaking out of the pattern on the upside, there is a possibility that the meme coin could experience a huge leg up to challenge multiple resistance levels. Thus, Crow is confident that the much-anticipated bull run for DOGE following this key breakout might send it to the pivotal $1 price mark at the end of this bull cycle in 2025.

DOGE Sees Promising Price Movement

Following a rebound during the weekend, DOGE has attracted notable gains in the past few days, fueling optimism about its potential in the near term. This rebound was due to an overall bullish sentiment in the market.

Since the market’s resurgence, Dogecoin has been one of the best-performing crypto assets, amassing gains of nearly 25% in the past week. Presently, DOGE has recovered to the $0.17 price level, reflecting a 6% increase in the last 24 hours.

Despite the price increase, investors and traders might be selling off their holdings, as indicated by a decline in the daily trading volume, which has dropped by over 12%. Should this trend persist, the meme coin’s current upward momentum may lose steam, leading to a correction in the coming days.

Featured image from Unsplash, chart from Tradingview.com