This Analyst Says Dogecoin Could Reach $1 If History Repeats🌋

An analyst explained that Dogecoin could reach $ 1 if history repeats itself. So when exactly can this happen for the #DOGE ?

#Dogecoin Has Recently Been Exiting the Parallel Channel

In his new post about X, analyst Ali discussed a possible outcome for Dogecoin based on the historical pattern. Below is the graph of memecoin's weekly price shared by the analyst, which reveals a similar-looking pattern that the asset has followed over the years.

As Ali highlighted in the chart, before both of the previous two big bull runs, the weekly price of Dogecoin was consolidated in a certain parallel channel for a significant period of time.

The "parallel channel" here refers to a model consisting of two parallel trend lines, in which the price of the asset is consolidated in the technical analysis (TA). Parallel channels can be of different types, such as ascending and descending channels, but channels parallel to the time axis are important in the context of the current discussion.

In such a formation, the upper trend line is drawn by combining the upper parts, and the lower line is drawn by combining the lower parts. A return is more likely when the price retests any of these lines.

This means that retesting the top line can break the uptrend and cause the asset to enter a downtrend. Similarly, the bottom line can be a source of support and help the price rise again.

However, the breaking of any of these lines may mean that the trend will continue in this direction. The chart shows that the weekly price of Dogecoin has passed through bull rallies the last two times when it has seen similar rises in the respective consolidation channels.

In the past few years, it seems that DOGE has once again gone through a similar period of consolidation as in the previous two years, and recently the cryptocurrency has been on the rise.

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