- Dogecoin has dropped over 37% in the last 60 days and is currently trading around $0.24, marking a 50% correction from its December high of $0.48.
- Crypto analyst Chandler notes that DOGE's current daily chart pattern closely mirrors its 2017-2018 cycle, which preceded a massive 24x rally from $0.0008 to $0.018.
- Technical indicators including a key horizontal support level and RSI patterns suggest DOGE may be bottoming out, similar to conditions before its previous explosive rally.
- If historical patterns repeat, DOGE could potentially break above $0.50 and reach a new all-time high around $1, making this a critical watch point for traders.
Date: Sat, February 8, 2025 | 04:24 AM GMT
The cryptocurrency market has been facing a continuous correction since the November-December rally, with major memecoins and altcoins struggling despite Bitcoin (BTC) maintaining momentum.
Dogecoin (DOGE), the top memecoin, has not been spared from this downturn. In the last 60 days, DOGE has dropped by over 37%, now trading around $0.24. The decline from its December 8 high of $0.48 marks a 50% correction, leading to speculation about whether DOGE has hit its local bottom.
Historical Pattern Suggests a Rally Could Be Near
According to crypto analyst Chandler, DOGE’s current daily chart mirrors its 2017-2018 market cycle with striking similarity. In that previous cycle, Dogecoin saw a major correction before staging an explosive 24x rally, where it jumped from $0.0008 to $0.018.
Now, several technical indicators suggest DOGE may be on the verge of another massive breakout:
Price Action: The current rounded top formation and subsequent correction closely resemble the 2017 structure.
Support Level: Just like in 2017, DOGE has now returned to a key horizontal support level (yellow dotted line in the chart). Historically, this level acted as a strong bounce zone before a major surge.
RSI Indicator: The Relative Strength Index (RSI) also mimics the 2017 pattern. The RSI dropped significantly during the correction phase but is now showing signs of bottoming out, similar to what happened before DOGE’s last explosive rally.
Projected Path: In the 2017 cycle, once DOGE completed its correction and consolidated, it entered a parabolic phase. If history repeats itself, DOGE could be gearing up for a strong move back above $0.50, potentially even reaching a new all-time high (ATH) to around $1.
Will History Repeat Itself?
With Bitcoin showing resilience and memecoins expected to follow, DOGE’s current setup suggests it may be at its ultimate bottom. If the pattern continues playing out, Dogecoin could soon experience a major bullish breakout, making this an interesting point for traders to watch.
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