Rally

2024

Dogecoin

when

<a href="https://bitcoinist.com/dogecoin-bullish-signal-doge/">Dogecoin is once again on the radar of crypto investors</a> after multiple important patterns have made their way to the fore. This was pointed out by crypto analyst Ali Martinez, who identified multiple patterns similar to what was seen in 2020 that could result in a parabolic rally. 
<h2 class="p2" id="dogecoin-chart-looks-similar-to-2020">Dogecoin Chart Looks Similar To 2020</h2> 
2020 was a pivotal year for Dogecoin as it was the setup that led to one of the most impressive rallies in crypto history. It also shares a similarity with 2024 as it was also a year when the Bitcoin halving took place, leading to an incredibly bullish one year for the space. 
It seems Dogecoin is looking toward a repeat of this rally as similar patterns are beginning to form once more. According to crypto analyst Ali Martinez, the present performance of the meme coin does bear a striking resemblance to what it did in 2020. More specifically, the formation of a bullish descending triangle. 
The previous descending triangle had formed in the years leading up to 2020 before ending in early 2020. From here, we can see in the chart that <a href="https://bitcoinist.com/dogecoin-whales-buy-up-doge/">the DOGE price</a> increased but made a number of notable dips and recoveries before the main rally. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-283286 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=624&amp;resize=624%2C420" alt="Dogecoin" width="624" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=2254 2254w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=624&amp;resize=624%2C420 624w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/02/Dogecoin_5a77eb.jpeg?w=1140 1140w" sizes="(max-width: 624px) 100vw, 624px" data-recalc-dims="1"> 
In the same vein, a descending triangle has been forming for Dogecoin from 2021 to 2024, and it has eventually found its bottom. Just like it did in 2020, the meme coin has seen a price surge, before recording dips and recoveries along the way. 
If Martinez’s analysis is correct, then <a href="https://bitcoinist.com/dogecoin-usage-explodes-doge-processing-million-day/">DOGE</a> is on the brink of another parabolic rally. Now, while it may not end up being a 28,000% rally as seen before, it would be no less significant. In this case, the crypto analyst puts the target for Dogecoin as high as $10 if history were to repeat itself. 
<h2 class="p2" id="doge-inflation-could-be-a-threat">DOGE Inflation Could Be A Threat</h2> 
While Dogecoin is a proof-of-work (PoW) blockchain just like <a href="https://bitcoinist.com/bitcoin-ceo-reveals-possible-price-floor/">Bitcoin</a>, it differs from the latter in the fact that there is no cap on its supply. This meant that the supply of <a href="https://bitcoinist.com/dogecoin-usage-explodes-doge-processing-million-day/">DOGE</a> has grown tremendously over the last three years, which could hinder its possibilities of a rally. 
For example, when Dogecoin hit $0.7 in 2021, it had a market cap of around $80 billion. However, if Dogecoin were to hit its all-time high of $0.7 with its current supply, the market cap would be more than $100 billion, meaning its supply has grown by around 25% since 2021. 
Nevertheless, the <a href="https://bitcoinist.com/dogecoin-whales-buy-up-doge/">expectations for Dogecoin</a> are still high as it continues to enjoy support from the likes of Elon Musk. With its strong community, <a href="https://bitcoinist.com/dogecoin-usage-explodes-doge-processing-million-day/">DOGE</a> is poised to see another good performance in the bull market. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/gUpoJ2PA/" alt="Dogecoin price chart from Tradingview.com" width="3286" height="1530">

Dogecoin Patterns That Led To 28,000% Rally In 2020 Have Returned

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