Dogecoin shows signs of a repeat surge like in 2020! The historical similarity is astonishing, is $1 just the starting point? $2.4 target revealed!

The price of Dogecoin has shown tremendous potential recently, soaring above $0.2 at one point last week. However, the current price is still far below its historical high of $0.7, indicating that this meme coin still has room for growth. Interestingly, as cryptocurrency analyst CryptoKaleo emphasized, the price of Dogecoin seems to have fallen into a trend not seen since December 2020, displaying an upward bullish trend.

The price of Dogecoin has risen back to the level before the 36,000% increase.

In a post on X, CryptoKaleo outlined the fact that the price trend of Dogecoin is similar to that of 2020. Specifically, Dogecoin's price was in trouble in December 2020, but that was right after billionaire Elon Musk posted about the meme coin on his X (formerly Twitter) post, which triggered the legendary 36,000% surge.

At that time, the price was in trouble after setting a historical high and was falling linearly along the trend line. It wasn't until it regained upward momentum that it entered a downward trend, marking the end of the price decline. At this point, hitting the bottom signals the beginning of the next round of rebounds.

Currently, the price of Dogecoin has started to bottom out after initially falling below the trend line. According to analysts, this brings Dogecoin's price back to the levels of December 2020.

If it continues the previous trend, this meme coin may soon experience a parabolic rebound. According to analysts' charts, the $1 mark is indisputable, and before the trend ends, the highest price could reach $2.4.

Can the price of DOGE rise again by 36,000%?

The last time the price of Dogecoin broke this trend, it ultimately rose by 36,000% in the following months. This provides the possibility for a similar rebound. However, multiple developments over the past few years suggest that this is unlikely.

Firstly, if the price of Dogecoin rises by 36,000% from now, it would mean its price would rise to $72, which implies that the market cap of Dogecoin must exceed $2 trillion. Given that the supply of Dogecoin has been growing and is unlimited, this scenario is extremely unlikely. More likely, a drop to the $1 mark would signify the end of the Dogecoin price rally.