Dogecoin Rally Imminent? 2024 Price Action Mirrors Past Cycles

Since last week, the cryptocurrency market has experienced a significant correction following the U.S. Fed’s rate cut and Bitcoin slip below $95K. The selling accelerated in the meme market due to their volatile nature, triggering a substantial pullback in assets like DOGE and SHIB. However, crypto analysts highlight the Dogecoin price pullback mirrors the 2017 and 2022 parabolic run, indicating a potential rally in the near future.

According to Coinmarketcap, the dog-themed memecoin trades at $0.32 with an intraday gain of 3.32%. Meanwhile, the asset’s market cap stands at $47 Billion, and the 24-trading volume wavers at $4.16 Billion.

Key Highlights:

• Historical data suggests that such corrections are a natural part of Dogecoin’s price cycles, often preceding explosive upward movements.
• The memecoin price sustaining above 50% Fibonacci retracement level indicates the broader market trend is bullish.
• The $0.28 and $0.22 stands as key pullback support for DOGE.

History Repeating? Dogecoin Price Eyes $17.9 with Parabolic Rally

Dogecoin, the popular meme cryptocurrency, appears to be repeating its historical patterns of parabolic rallies, sparking excitement among investors. In a recent tweet, renowned analyst Ali Martinez drew investors’ attention to DOGE’s 2021 rally, which recorded a surge of 212% before a 40% correction and then delivered a massive surge of 5,000%.

A similar trend unfolded in 2021 when Dogecoin price gained 476%, corrected by 56%, and later surged by a staggering 12,000%, capturing widespread attention during the crypto market’s bull run.

In 2024, Dogecoin had already climbed 440% before retracing 46%, closely mirroring its past behavior. Analysts believe the current correction retracement could recuperate the bullish momentum for parabolic growth ahead.

Dogecoin Analysis| Ali Martinez

If history repeats, the Dogecoin price prediction could extend its target to $17.9, indicating a potential growth of 5,500%.

Key Fibonacci Support Levels to Watch

In the last two weeks, the Dogecoin price showcased a sharp pullback from $0.48 to $0.327, accounting for a 32.5% retracement. While the selling pressure continues to mount with Bitcoin correction below $95k, the DOGE has shifted its price trajectory sideways.

The daily chart shows a long-tail rejection candle indicating the renewed demand pressure at $0.28, backed by a 50% FIB level. Theoretically, this level is crucial for buyers to bottom on the ongoing correction.

However, the buyers could seek support at $0.22 if the correction extends, aligned with the 61.8% FIB level.

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