Dogecoin Repeats 2021 Bull Signal—30,000% Rally Flashback On?
The meme coin that defied gravity in 2021 is flashing eerily familiar patterns. Dogecoin’s current technical setup mirrors the precursor to its historic 30,000% moonshot—back when Elon’s tweets moved markets and ’fundamentals’ were an inside joke.
Key indicators lining up:
- TD Sequential buy signal triggered on weekly chart
- RSI hovering at same oversold levels pre-2021 breakout
- Whale accumulation patterns matching 2021 footprint
Market veterans eye the $0.12 level as make-or-break. Breakthrough could see DOGE retest ATHs, while failure... well, there’s always the next Elon meme.
Cynical take: Nothing fuels crypto rallies like collective amnesia and FOMO. The charts may align, but this time Wall Street’s algo dogs are ready to front-run retail.
Trader Tardigrade Highlights Repeating DOGE/BTC Pattern
According to a recent analysis by Trader Tardigrade on social media platform X, dogecoin is currently playing out the same chart structure that preceded its extraordinary 30,000% rally in 2021. His analysis draws direct comparisons between the current DOGE/BTC on the 2W candlestick timeframe chart and its behavior in late 2020.
On the two-week timeframe, the DOGE/BTC ratio is forming what appears to be a rounded base pattern, just like the accumulation phase witnessed before the move that took the dogecoin price from roughly $0.0024 to an all-time high of $0.739 in 2021.
The chart shared by the analyst emphasizes this comparison by showing that both cycles began with a long period of suppression in the DOGE/BTC ratio, followed by a sudden breakdown during a surge in the price of BTC, which eventually flipped into a Dogecoin rally once Bitcoin’s price started to consolidate. The red arrows shown in the chart below indicate the support levels during the formation of this base. Finally, the analyst highlighted on the chart a new breakout phase that could repeat the one that preceded the 2021 bull run.
What To Expect From Dogecoin If History Repeats Itself
Trader Tardigrade’s analysis boils down to a sequence of three-phase events to watch. First, Bitcoin will undergo an upward move that will temporarily push the DOGE/BTC ratio downward as capital flows into the leading cryptocurrency. This has played out from the last 2021 high up until Q4 2023. The second phase involves Bitcoin entering a sideways trading zone, giving altcoins like Dogecoin room to outperform and decline in back and forth movements, which is the current range.
The final and most explosive phase, according to the analyst, will be characterized by an independent 30,000% Dogecoin rally over several weeks, as it did in early 2021. With this in mind, the analyst projected on the chart a MOVE to over 240,000 on the Dogecoin/Bitcoin pair.
However, at the time of writing, Dogecoin is trading at $0.235. A 30,000% increase from the current price translates to a price target around $70.
