Dogecoin price is replicating a 2021 bullish fractal, indicating the potential for a price breakout to new highs. A cryptocurrency analyst has shared a price chart comparing this historically recurring fractal to Dogecoin’s current trajectory. predicting a massive increase to new all-time highs in January.
Historic fractal that will trigger Dogecoin price rally above $4
In an X (formerly Twitter) mail On Wednesday, Trader Tardigrade, a prominent cryptocurrency trader and analyst, predicted that Dogecoin, the number one meme coin, could record a explosive price rally over $4 by January 2025. The analyst announced that Dogecoin is repeating a crucial fractal observed during its huge price surge in the 2021 bull run.
He presented two parallel charts comparing Dogecoin’s movements between 2020 and 2021 and that of 2024. The right side of the chart shows Dogecoin price action in 2020, leading to a massive spike in January 2021.
Before this major price surge, Dogecoin experienced a series of consolidation patterns. The blue triangle on the chart indicates a local peak, the green curve highlights a price recovery after a drop, and the orange arc represents a period of gradual consolidation.
These distinctive price movements culminated in a strong breakout for Dogecoin, allowing it to skyrocket past $0.065 in January 2021.
According to Trader Tardigrade analysis, Dogecoin is repeating this bullish setup, with the same consolidation patterns appearing on its price chart. The blue triangle on the left side of the chart shows that Dogecoin has already formed an initial peak. Furthermore, the green curve highlights a price recovery and the orange arc signals a rounded consolidation pattern.
If these bullish fractals hold, Dogecoin could mirror its previous price action and experience a strong rally similar to the bomb 2021. Consequently, the analyst described January as “the month of the big bang,” emphasizing its importance during this bull market. Trader Tardigrade predicts that if Dogecoin repeats the historical fractal, it could trigger a surge strong enough to push the meme coin’s price above $4.
Analyst Predicts 570% Rise for Dogecoin
Cryptoanalyst Javon Marks has also provided a massive bullish rally for Dogecoin, emphasizing the importance of historically repeated patterns to determine the future trajectory of the meme currency. The analyst shared a graph that describes Dogecoin price behavior in three different cycles: cycle 1, cycle 2 and cycle 3.
Each cycle follows a similar consolidation pattern within a descending triangle, followed by a breakout leading to a substantial price rally. Dogecoin surpassed 1,618 Fibonacci extension level during each cycle after successfully replicating historical consolidation patterns.
Based on this analysis, Dogecoin’s current price action in Cycle 3 aligns with the recurring pattern. If this trend persists, Marks predicts that Dogecoin could see a massive surge of over 570%, potentially reaching $2.28 or higher.
Featured image created with Dall.E, chart from Tradingview.com
