Analyst Says Dogecoin Is The Most Obvious Play Of This Cycle, Here's Why

Dogecoin‘s renewed price momentum has sent shockwaves in the final cryptocurrency sector. Because of this, several enlightened crypto experts have demonstrated robust bullish sentiment toward DOGE as they provide predictions a couple of possible major rally within 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 identified that Dogecoin might be gearing up for a major price rally shortly, potentially to a latest all-time high. The expert’s daring prediction is attributable to past cycle trends and patterns, which buttressed the dog-themed meme coin’s path to major rallies in previous cycles. Consequently, Crow declares that “DOGE is essentially the most obvious play of this cycle.”

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

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

DOGE mimicking past bull cycle trends | Source: Crow on X

It is necessary to notice 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 major downtrend, a breakout above the indicator has often led to massive price upswings.

With DOGE breaking out of the pattern on the upside, there may be a possibility that the meme coin could experience an enormous leg as much as 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 top of this bull cycle in 2025.

DOGE Sees Promising Price Movement

Following a rebound in the course of the weekend, DOGE has attracted notable gains prior to now few days, fueling optimism about its potential within the near term. This rebound was attributable to an overall bullish sentiment available in the market.

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

Despite the worth increase, investors and traders may be selling off their holdings, as indicated by a decline within the day by day trading volume, which has dropped by over 12%. Should this trend persist, the meme coin’s current upward momentum may lose steam, resulting in a correction in the approaching days.