Dogecoin (DOGE) Teeters on Edge of Parabolic Breakout If This Happens

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Written By Maya Cantina

Mon, 1/04/2024 – 13:38

Cover image via www.freepik.com

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Dogecoin (DOGE), the largest dog-themed cryptocurrency by market value, appears to be on the verge of a major upward trend.

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“History never repeats itself, but it often rhymes.” As a result, traders and analysts frequently analyze whether the current price activity resembles anything from the past to understand what lies ahead.

Crypto analyst Ali, in a new tweet, indicated that if history is any guide, DOGE could be at the very beginning of a massive parabolic bull run. In this context, if the 2018–2021 fractal is a guide, DOGE’s path of least resistance could be on the upside.

“From a technical perspective, DOGE seems to mirror the 2018–2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run,” Ali said in an X post.  A parabolic bull run would not only increase the value of DOGE but might also bring it closer to the much coveted $1 mark.

Still, past data is no guarantee of future results. A potential bearish turnaround in market sentiment might trigger price declines for Dogecoin.

That said, while the signals point to a potentially exciting era for Dogecoin, it remains to be seen whether DOGE can repeat its historical performance and embark on a parabolic bull run.

However, the anticipation is palpable, and the crypto community is watching closely, ready for whatever comes next.

Dogecoin price action

At the time of writing, Dogecoin was up 0.21% in the last 24 hours to $0.207, mirroring the lackluster trading on the crypto market on the very first day of April. Dogecoin has dipped while in an uptrend, indicating that traders are taking profits near $0.23.

Dogecoin fell to an intraday low of $0.199 during today’s trading session before recovering marginally to current values. If the rally continues, Dogecoin may target the overhead barrier at $0.23 before shooting for the $0.30 mark next.

On the contrary, a dip below $0.19 might open the door to a fall to $0.17 and, consequently, $0.13.

In the past week, Version 1.0 of Gigawallet, a backend service that provides a convenient integration API for platforms such as online shops, exchanges and social media platforms, was released. This is anticipated to be a positive catalyst for Dogecoin adoption in the days ahead.

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