Dogecoin has been making headlines recently as its price continues to increase. Analysts are now suggesting that the cryptocurrency could hit $1 if history repeats itself. This prediction is based on the historical pattern that Dogecoin has followed in the past.
According to the analyst, Dogecoin has been breaking out of a parallel channel recently. This parallel channel refers to a pattern in technical analysis where the price of an asset consolidates between two parallel trendlines. In the case of Dogecoin, the price has been consolidating within this channel for a significant amount of time before its previous two major bull runs.
The analyst has highlighted that when the price of Dogecoin breaks out of this parallel channel, it tends to go through a bull rally. Based on this pattern, the analyst has marked a potential trajectory that Dogecoin could follow, suggesting that it could hit $1 by mid-April.
If this prediction proves to be true, it would mean a significant increase of more than 488% for Dogecoin in less than a month and a half. This rally would be quite impressive if it materializes.
At the time of writing, Dogecoin is trading around $0.17, showing a 36% increase in the past week. However, it remains to be seen how the cryptocurrency will perform now that it has broken free from its long parallel consolidation channel.
As with any investment, it is important to conduct your own research and consider the risks involved. This information is provided for educational purposes only and does not constitute financial advice.