Crypto analyst Master Kenobi has drawn a similarity between the current Dogecoin price action and that of the 2017 bull run. Based on this similarity, the analyst suggested that the foremost meme coin could soon witness a major rally like it did in the 2017 bull run.
Dogecoin Price Could Rally Based On Similarity With 2017 Bull Run
In an X post, Master Kenobi predicted that the Dogecoin price could record a major rally based on its similarity with the 2017 bull run. The analyst highlighted a similar formation between DOGE’s current pattern and one which took shape in mid-2017, although he admitted that there were little differences.
Master Kenobi remarked that if the pattern plays out exactly, the peak for the Dogecoin price could happen by the end of April. His accompanying chart showed that in 2017, Dogecoin witnessed a significant downtrend between May and September, having rallied earlier in the year. However, following the period between May and September, DOGE continued its upward trend as it rallied to as high as $0.01 in December that year.
Similarly, the Dogecoin price has witnessed a significant downtrend from November till date, having rallied between September and October last year. Just like in 2017, this downtrend could soon end, with Dogecoin entering the second phase of its bull run, which could send the foremost meme coin to its current all-time high (ATH) of $0.73 or even higher.
This aligns with Master Kenobi’s earlier prediction, in which he opined that the DOGE price could mirror the August phase of last year when a massive pump followed an extended consolidation period. He stated that if it mirrors this August phase, Dogecoin could record a 6x price increase from its current local bottom and rally to as high as $1.25 before it peaks in April or May.
DOGE Could Outperform The Entire Crypto Market
Crypto analyst Trader Tardigrade raised the possibility of the Dogecoin price outperforming the entire crypto market. The analyst seemed convinced that this could happen as he alluded to the 2021 bull cycle when the foremost meme coin recorded historic gains, outperforming other major cap cryptocurrencies in the process.
Like Master Kenobi, Trader Tardigrade also suggested that the DOGE price could soon begin the next leg of its bull run. In another X post, the analyst stated that DOGE has shown a long wick on the daily chart. He then raised the possibility of this candle triggering another bull run, like in late 2024. Trader Tardigrade also asserted that the foremost meme coin still has the potential to pump.
At the time of writing, the Dogecoin price is trading at around $0.26, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
