Worried about Dogecoin’s 30% drop? Analysts predict…
  • DOGE’s current trajectory was similar to the pre-2017 and 2021 bull market phases.
  • Perhaps motivated by history, several user cohorts were accumulating DOGE.

Great relief to the community, Dogecoin [DOGE] It opened in the green, up 2% in the past 24 hours of trading.

The recovery helped ease fears among DOGE holders, as their portfolios had lost nearly 16% in a week and more than 32% in the past 30 days, according to source data. coin market cap.

DOGE market sentiment

Source: Santiment

And looking at the historical performance of the world’s largest meme coins, there may be even more reason to root for them.

History suggests a bull market is coming

Renowned technical analyst and trader Ali Martinez He said the ongoing price correction is part of DOGE’s “normal behavior” before embarking on a major bull market.

To prove his point, Martinez drew attention to two past events that occurred in 2017 and 2018.

Back in 2017, DOGE broke out of a descending triangle, then corrected 40% before surging 982% to new highs.

Repeating this trajectory in 2021, DOGE broke out of the descending triangle, returning 56% and ultimately climbing a parabolic 12,197% towards its all-time high (ATH).

In 2024, when DOGE was out of the descending triangle and in the midst of a correction phase, history repeated itself. Having met his first two criteria, Martinez believed conditions were ripe for a bullish run on DOGE.

DOGE 2024 price trends

Source: @ali_charts

While analysis and forecasts from reputable analysts are certainly important, it’s always a good idea to DYOR before investing. This is especially true for volatile assets like meme coins.

Whether it’s realistic or not, DOGE’s market capitalization in BTC terms is as follows:

Buy the DOGE holder at a high price

It appeared that some user groups were already aware of the historical equivalence. AMBCrypto analyzed Santiment data and found that addresses holding between 10 million and 1 million DOGE rose steadily while prices fell.

This accumulation highlighted their belief in DOGE’s bull market and long-term value appreciation.

DOGE whale accumulation

Source: Santiment

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