Recent performance of Dogecoin has caught many people’s eye, as its price surged past the $0.2 mark and generated excitement among investors. Although this price increase occurred several months after reaching $0.7 at its peak value in October 2020, leaving room for potential growth. Current patterns align with patterns seen by cryptocurrency analyst CryptoKaleo back then, suggesting positive momentum.
Revisiting the Pre-36,000% Surge Era
CryptoKaleo recently noted that Dogecoin’s pricing behavior recalls its state back in December 2020, just before an extraordinary rally driven partly by Elon Musk’s endorsements on social media. At that time, after experiencing a downward trend for some time, Dogecoin found new support following a downward spiral to bring its price up sharply; similarly today it may mark another significant price movement.
Analysts note that, should Dogecoin remain on its current trajectory, reaching $1 seems almost certain, with potentials even beyond $2.4, completing its bullish cycle.
Potential for Another Exponential Rally?
Dogecoin experienced an extraordinary 36,000% rally following its last breakout, sparking widespread speculation as to its future performance. Although such an extraordinary increase is certainly possible, its replication poses formidable obstacles; 36,000% from current positions would require reaching around $72, with no supply cap in place; this seems far-fetched given that its supply continues to expand without limits or restrictions; therefore a more realistic goal might be reaching $1 as an indicator of potential Dogecoin rally activity.
