A market expert presents a timeline for Dogecoin to break out of the ongoing correction, citing historical data.
This comes as the pullback triggers massive declines for the meme coin. For context, Dogecoin previously experienced a rally following the U.S. presidential election on Nov. 5.
The election saw pro-crypto candidate Donald Trump secure victory, creating excitement in the crypto community. Dogecoin soared to $0.48 by Dec. 8. However, as the broader market faced corrections, DOGE has dropped 36% in just two weeks.
Despite this downturn, analysts believe the correction is part of a healthy market cycle and expect a substantial rebound. Javier Santini, a market analyst and founder of Elemento Cripto, has analyzed Dogecoin’s historical patterns and expects an explosive rally soon.
DOGE’s 1-Month Pullbacks
According to Santini, pullbacks in Dogecoin’s price below the previous cycle’s all-time high often last about a month before the token resumes its upward momentum. Santini shared Dogecoin’s weekly chart, revealing that the asset has consistently followed a unique pattern since 2017.
Every mid cool-off (below ATH) since the beginning of $DOGE has exactly 1 month of duration at +24th. A fact since 2017.
The next and first hyperbolic push will start next week and should reach $4 in a week or less. $XRP to $25.
The news should be very unexpected. pic.twitter.com/1Y2HpinqrH
— Javier Santini (@javierosantini) December 21, 2024
Particularly, in January 2014, Dogecoin achieved an all-time high of $0.00232 before entering a correction phase that lasted until March 2017. During this period, the price dropped to as low as $0.00022.
After breaking out in March 2017, Dogecoin saw another pullback that lasted for exactly a month before surging to a new all-time high of $0.0187 in January 2018.
Following this peak, Dogecoin experienced another extended correction, forming a descending trendline. This trendline broke in December 2020, leading to another rally. However, a pullback that lasted for a month occurred again before Dogecoin skyrocketed to its most recent all-time high of $0.7390 in May 2021.
Dogecoin Targets $4 after Breakout
The current market behavior suggests a similar cycle may be underway. After breaking out of the latest descending trendline in the fourth quarter of 2024, Dogecoin posted a remarkable 161% rally in November.
However, December has brought a correction that Santini believes will also last about a month. He expects Dogecoin to resume its uptrend in the coming week. The analyst sets a price target of $4, expecting it to materialize in a week or less.
A rally of this magnitude would require Dogecoin to surge by an impressive 1,168%, considering its current trading price of $0.3253. Santini’s optimism comes from the consistent patterns Dogecoin has exhibited since its inception, with each breakout phase leading to new highs.
Santini is not alone in his prediction. Another analyst, @Degengambleh, projected that Dogecoin could reach $4.20. The analysis highlighted a 1,000-day accumulation trend that has laid the foundation for a major rally. He noted this pattern when Dogecoin traded for $0.1713 in March 2024.
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Source: https://thecryptobasic.com/2024/12/23/dogecoin-to-4-expert-says-ongoing-correction-is-expected-sets-timeline-for-breakout/?utm_source=rss&utm_medium=rss&utm_campaign=dogecoin-to-4-expert-says-ongoing-correction-is-expected-sets-timeline-for-breakout