Dogecoin is still facing a lot of bearish pressure amid the market decline, but with the price still fighting to hold the $0.2 support level, there is still the possibility of a bounce from here. There is also the fact that the meme coin seems to be following a trend that has been seen in the last two bull cycles, suggesting that it could see a similar bounce. If this happens, then the Dogecoin price could be looking at a bounce that could send it to brand-new all-time highs.
Why Dogecoin Price Could See An 800% Rally
Bitcoinsensus posted an interesting Dogecoin price crash, comparing the current performance to the previous cycle performances. This showed the formation of bullish and bearish fractals that had been formed over the last two years, leading to a similar outcome in price.
The first of these fractals had appeared between 2023 and 2024, with the initial surge leading to a 300% price increase. Once the top was established, there was a steady correction that led the altcoin to lose almost all of its gains. However, this simply led into the formation of the next fractal.
The next time the fractal appeared was toward the end of 2024, and by the time that the rally was done, the Dogecoin price had risen by 500%, leading to its highest levels since 2021. Then, as before, the price correction led to a loss of most, but not all of its gains, suggesting the formation of another bullish fractal is about to follow.
One interesting thing about this fractal formation over time, though, is the fact that there has been a steady acceleration of gains each time. Following the move from 300% to 500%, the analyst believes that the next breakout from this fractal would lead to an 800% price increase.
With the Dogecoin price looking to replicate this cycle breakout, it could be on track to create a new all-time high. An 800% increase would mean eventually beating the coveted $1 level, and the top would be somewhere around the $1.4 level before topping out.
However, the Dogecoin price is still highly dependent on the performance of the Bitcoin price and the general crypto market. In this case, the Bitcoin price would have to continue to rally, because another crash could send the Dogecoin price spiraling once more along with the altcoin market, and invalidating the bullish thesis.
Featured image from Dall.E, chart from TradingView.com
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