DOGE price eyes 500% surge based on historical pattern

On April 20, Dogecoin holders celebrated the annual Dogeday, the event that obtained ground for the first time in 2021. But there is another cause of celebration as an analyst announced a 500% increase for the same, on the basis of a historic model which preceded a major rally in the previous cycle.

At the time of the press, Dogecoin (DOGE) is negotiated at $ 0.16132, oscillating at a major horizontal support level. It has moved laterally from $ 0.14 to $ 0.16 since the end of March, indicating an accumulation phase after a prolonged downward trend. The price of prices is currently testing the exponential mobile average from 20 days to $ 0.16067 and seems to follow the level of psychological resistance of $ 0.20 – which was created in early March and Retetest at the end of this month.

The relative force index climbs and was crossed over its own mobile average. Although still below the level 50 neutral, the ascending momentum signals a bullish interest.

That said, the macro-structure is always down, because the price has not yet broken above the 20-day EMA, and no significant increase in volume has emerged-which means that market interest is stable but always moderate.

Although the daily graphic is largely down, the Crypto @Steph_iscrypto analyst thinks that Doge Price is preparing for a major escape, based on a historic model that took place during a previous market cycle.

According to Steph, Doge had covered a downward trend of 129 days before weighing up more than 500%, gathering from about $ 0.08 to more than $ 0.40. He says that a similar configuration is formed now, Doge having once again decreased regularly for 129 days. On the graph, the two downward trends are marked as “43 bars, 129D”, representing 43 daily candles over the same duration.

Steph essentially suggests that if history is repeated, the current consolidation beach could serve the launchpad for the next major rally. “Lower flashing signal”, He wrote on April 19 X post.

Meanwhile, Dogecoin attracts institutional attention, because the American Commission for securities and the exchange assesses several requests for negotiated funds on the stock market according to the Doge price. These include deposits of In the world,, Gray levels,, 21haresand sharing REX (in partnership with the OSPREY funds). The approval of these FNBs could act as a major catalyst, which potentially led 500% a overvoltage @steph_iscryptto projected for the same.