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Dogecoin Could Hit $1 If History Repeats, Analyst Reveals When
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Could Hit $1 If History Repeats, Analyst Reveals When

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Dogecoin

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An analyst has explained that Dogecoin may be able to hit $1 if history repeats for it. Here’s when exactly this could happen for DOGE.

Dogecoin Has Been Breaking Out Of A Parallel Channel Recently

In a new post on X, analyst Ali has discussed a potential outcome for Dogecoin based on the historical pattern. Below is the chart for the weekly price of the memecoin shared by the analyst, which reveals a similar-seeming pattern that the asset has followed over the years.

Dogecoin Price Chart

The trend in the weekly price of DOGE over the last few years | Source: @ali_charts on X

As Ali has highlighted in the chart, before both of its previous two major bull runs, Dogecoin’s weekly price consolidated inside a specific parallel channel for a notable amount of time.

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The “parallel channel” here refers to a pattern in technical analysis (TA) made up of two parallel trendlines inside which the price of the asset consolidates. Parallel channels can be of different types, like ascending and descending ones, but in the context of the current discussion, channels parallel to the time axis are relevant.

The upper trendline in such a pattern is drawn by joining together tops, while the lower line connects bottoms. When the price retests either of these lines, a reversal is more probable.

This means that a retest of the upper line could break the uptrend and cause the asset to go through a drawdown. Similarly, the lower line may be a source of support and help the price reverse itself back up.

However, a break out of either of these lines can imply a continuation of the trend in that direction. The graph shows that when the weekly price of Dogecoin saw breakouts like this out of the respective consolidation channels the last two times, it went through bull rallies.

In the past couple of years, it would appear that DOGE has once again gone through a similar period of consolidation as those previous two, and recently, the coin has been breaking out.

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Ali has marked a potential trajectory that Dogecoin could follow in the chart based on the precedent set by these last two bull runs. “This may sound wild, but if history is any guide, Dogecoin $DOGE could hit $1 by mid-April!” says the analyst.

From the current cryptocurrency price, such a run would suggest an increase of more than 488% for the memecoin in less than a month and a half. Obviously, a rally like this would be super impressive if it ends up playing out like this.

It remains to be seen what trajectory Dogecoin follows now that it has seemingly broken free of its long parallel consolidation channel.

DOGE Price

When writing, Dogecoin is trading around $0.17, up 36% in the past week.

Dogecoin Price Chart

Looks like the price of the coin has slumped to sideways movement in the last couple of days | Source: DOGEUSD on TradingView
Featured image from Crystal Mapes on Unsplash.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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