Dogecoin ($DOGE) has emerged in the crypto market over the years, experiencing multiple bull runs that have captured investors’ attention.
According to recent observations from crypto analyst Trader Tardigrade, Dogecoin’s price behavior in 2024 appears to be following a familiar pattern seen in previous years.
The asset is poised for another potential upward rally, drawing comparisons to its price surges in 2017 and 2021.
Tardigrade’s analysis shows that Dogecoin has followed a predictable pattern of rapid price increases, each marked by a “Bull Run starts” label on the chart.
The first major bull run occurred in 2017 when Dogecoin experienced a surge fueled by speculative trading and growing social media attention.
A second wave of bullish activity began in 2020, driven by broader optimism in the crypto market and rising interest in Dogecoin. As of late 2024, the chart indicates a potential third bull run starting, with the price climbing steadily.
Despite the corrections between these runs, Dogecoin has consistently grown, making it a focal point for traders and investors.
Comparing Dogecoin price movements: 2017, 2021, and 2024
Another crypto analyst, Ali, supported this sentiment by pointing out some intriguing patterns in Dogecoin’s price movements.
In 2017, he notes that Dogecoin surged by 212%, retraced by 40%, and then experienced a remarkable 5,000% rally. Similarly, in 2021, it saw an increase of 476%, retraced by 56%, and then skyrocketed by 12,000%. Fast-forward to 2024, and Dogecoin has gained 440% but has since retraced by 46%.
Current market statistics and short-term price action
As of Dec. 26, 2024, Dogecoin was priced at $0.3149, with a market cap of $46.41 billion and a 24-hour trading volume of $2.47 billion. The short-term price action, however, shows some volatility, with a recent 4.88% drop in price.
The token has retraced after having an initial bullish phase to post a bearish phase. It could be due to wider market factors affecting crypto markets. Sentiment around investors and trading, or specific with respect to DOGE.
Looking at the technical analysis of the future price of Dogecoin it indicates that the price forecast for the future in Dec. 2024 can be nearly predictable short term. RSI currently stands at 42.05, which could mean we are in the middle of a trade and not in the overbought or oversold territory.
However, the MACD, which can be define as still relatively bearish, is placed beneath the signal line and may also point to a further short-term decline.
