July Forecast: Is Dogecoin Going to Repeat the 2020 Surge? Don't Be Too Optimistic!
Recently, Dogecoin's popularity in the crypto market has soared, breaking through $0.2 last week, but still has a gap from the historical high of $0.7, indicating significant upward potential. Analyst CryptoKaleo states that its price trend is appearing for the first time since December 2020, releasing bullish signals.
Is it resembling the 2020 trend, with a rebound on the way?
In December 2020, Dogecoin's price hit rock bottom after Musk's post on X triggered an astonishing 36,000% surge. After reaching a peak, the price fell back to the bottom, marking the start of a new upward cycle.
Now, Dogecoin has hit bottom after breaking the trend line, with the price returning to December 2020 levels. If history repeats itself, it may welcome a parabolic rise, and the chart shows that reaching $1 is not difficult, and it may even hit $2.4.
A 36,000% increase is hard to replicate
The last time it broke a similar trend, Dogecoin surged 36,000% in a few months. While it provides an imagination for a rebound, multiple factors make such a rise difficult to replicate. If it were to rise 36,000% again, the price would reach $72, with a market cap exceeding $20 trillion. However, the supply of Dogecoin continues to grow without limits, making this scenario unrealistic. If the price breaks through $1, the upward trend may end, and caution is needed when chasing highs.
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