The Dogecoin price could be getting ready for a fresh bullish wave as a crypto analyst projects a surge to new all-time highs. The analyst cites past performances as a reason for this bullish projection, highlighting the Dogecoin price action from previous bull cycles.
Dogecoin Price Past Performance To Push It Above $0.73
Crypto analyst Javon Marks took to X (formerly Twitter) on February 22 to share a bullish prediction of the Dogecoin price. The analyst highlighted past bull market performances to support his forecast, predicting that DOGE could soon rally above its current all-time high of $0.73905.
In his chart, Marks revealed Dogecoin’s price action during the 2016/2017 bull run and the 2020/2021 bull market. In both cycles, DOGE seemingly experienced a rapid price crash, following a descending price channel. However, after a long period of consolidation, it recorded a massive price rally that triggered an ATH breakout to $0.00232 in 2018.
During the 2021 bull market, the meme coin experienced its famous breakout that turned many long-term investors into millionaires. The price also recorded a significant rally after undergoing a seemingly stagnant price action. At the time, the historic rally catapulted Dogecoin to its current ATH of $0.73905.
Based on these past bullish trends, Marks believes that Dogecoin may be mirroring a similar price action. The top meme coin has recently experienced a drop to new lows and has been in consolidation for weeks. By the end of this bearish trend and consolidation period, Marks suggests that Dogecoin could initiate its next bullish wave, potentially skyrocketing above its current ATH.
The analyst projects that a nearly 200% bullish move to a fresh ATH may be on the horizon for Dogecoin should its price action accurately reflect past bullish trends. The DOGE price has been facing severe volatility recently after its previous price breakout to the upside. A move to a new ATH would be a landmark moment for the meme coin in the crypto market, further solidifying its position as the number one meme coin.
Update On DOGE Price Action
Despite ongoing bullish sentiments, the Dogecoin price still faces severe downward pressure. It has been in the red zone for weeks. Despite experiencing a major price rally earlier this year, the meme coin is down by almost 33.1% in the last month, according to CoinMarketCap.
This massive price crash was a result of various bearish factors, including Bitcoin’s decline below the $100,000 mark and continued weakness, the recently implemented Tariffs on China, Canada, and Mexico by the United States (US), and the broader market decline, which saw most altcoins and meme coins fall.
All of these bearish factors have seemingly pushed the DOGE price to $0.23, eradicating a significant portion of its gains attained this year. Nevertheless, while Dogecoin remains down, whales continue to take advantage of the dip to accumulate more coins in hopes of a price rally.
Featured image from Unsplash, chart from Tradingview.com
