The Dogecoin price is currently in what analysts have described as a “Boring phase.” While this term may suggest stagnation, historical trends indicate that it is not necessarily bad news, but a potential precursor to an explosive price rally. If history repeats itself, DOGE could see its price skyrocketing past the $1 threshold.
New Boring Phase Signals Dogecoin Price Rally
A recent analysis on X (formerly Twitter) by a crypto expert, Trader Tardigrade highlights that the Dogecoin price action is mirroring a pattern observed in late 2017. Based on the analyst’s report, Dogecoin has officially entered a ”Boring Phase” — a crucial stage in the meme coin’s trajectory where it typically shakes out weak hands and builds up momentum for a potential rally.
Sharing a detailed Dogecoin chart, comparing its current price action with those seen in 2017, Trader Tardigrade disclosed that the new boring phase indicates that the meme coin is now in consolidation, marked by tight price movements. In the 2017 bull cycle, Dogecoin followed a similar boring phase trajectory, initiating an upward move at first before entering a period of sideways trading between October and November.
During this time, many of the market’s interest in Dogecoin had dropped, as the price had remained relatively low with no signs of a bullish momentum. However by December, DOGE skyrocketed in value, aligning with the broader crypto bull market. During its decline, the meme coin had fallen as low as $0.001 before experiencing an explosive rally to over $0.014, marking a 1,300% increase.
If history were to repeat itself, like Trader Tardigrade suggests, Dogecoin may be setting up for a similarly huge breakout after its boring phase. The analyst has indicated that the expected price rally could start around late February and March, potentially catapulting the value of DOGE above $1.3. This would reflect a 420% surge from its current market value.
While some investors and traders may find a prolonged Dogecoin consolidation phase frustrating, long term holders and analysts typically see it as a healthy occurrence in a cryptocurrency’s cycle. The boring phase may open up opportunities for accumulation, and price stabilization, as long-term investors aim to take advantage of the low volatility before the next price rally.
DOGE Aims For Symmetrical Triangle Breakout
In other news, the Dogecoin price has formed a Symmetrical Triangle and appears to be on the verge of breaking out of the technical pattern. Ali Martinez, a prominent crypto analyst on X has identified this new movement, projecting that the meme coin could soon initiate a 25% breakout move.
As with most symmetrical triangle breakouts, if DOGE can break above the pattern, it could trigger a potential surge to new price highs. However, broader market volatility and instability makes this analysis uncertain. Nevertheless, the Dogecoin price has remained resilient, currently trading at $0.25 after experiencing a decline of more than 30% in the past month.
Featured image from Unsplash, chart from Tradingview.com
