Right now, Dogecoin is rising rapidly and seeing huge gains. Its performance in the previous 24 hours has been quite erratic. Upon closer inspection, the chart is currently experiencing one of its largest one-day spikes.
It began trading at $0097, but before rising, it fell as low as $0.093. It surged and broke multiple resistances after establishing support. The $0.10 was the first. The asset has returned to this critical level for the first time in over two months. It kept rising, reaching a crucial level that it hadn’t tested in over a year. The $0.11 barrier was this. It ultimately peaked at $0.12.
The bullish pattern from the prior day is being maintained by the present trend. After a brief dip, it began trading at $0.089 during that session and quickly began to rise. For the first time in nearly two months, it tested and crossed the $0.092 barrier. It quickly surpassed $0.10 but then pulled back, closing at $0.097 after gains of over 9%.
It is evident from the price performance this week that DOGE is having one of its best weeks. It has now increased by over 36%.
Many are wondering what set off the most recent run. Numerous indicators, from fundamentals to charts.
After examining the price activity of DOGE, an analyst by the name of Martinez concluded that patterns that mirrored the previous bull run, which occurred in 2017 and 2021, appeared to repeat themselves. If past performance is any indication, he believes that a parabolic breakout with DOGE coin may occur in April.
With the help of the DOGE chart, he was able to recognize a recurring pattern and saw that a particular type of formation always preceded each breakout. Martinez believes that this trend suggests that April 22 may see the occurrence of a comparable breakout partner.
Martinez’s analysis indicates that this breakout might drive DOGE’s price up to $1.7, then to $3.5 and beyond.
His research paid close attention to the times in 2017 and 2021 when DOGE had notable increases of 8,700% and 23,740%, respectively.