Dogecoin's 119-Day Consolidation Suggests 534% Rally to $1 by June 2024

Dogecoin, the popular meme coin, is showing signs of a potential price rally, according to a recent market analysis. The analysis compares the current price trend of Dogecoin to its movements during the 2017 cycle, highlighting a striking similarity between the two periods. In 2017, Dogecoin experienced a significant surge followed by a consolidation phase that lasted 115 days before another upward movement. The current cycle has now extended to 119 days, suggesting a potential repeat of past trends. If this pattern holds, analysts predict that Dogecoin's price could reach the $1 mark by June 2024.

Analyst Master Kenobi, who shared his insights on the X platform, formerly known as Twitter, pointed out that Dogecoin had a 115-day consolidation period between major price surges in 2017. The current market structure shows a similar pause, now lasting 119 days. This resemblance to past movements suggests that Dogecoin's price could be approaching another breakout phase. The analysis also points to technical indicators supporting this prediction. The Relative Strength Index (RSI) displayed a sharp increase during the initial rally in both cases, followed by a downward correction during the consolidation phase. Once RSI stabilized in 2017, the price experienced another surge. A similar pattern appears to be forming in 2024, reinforcing the expectation of a possible upward movement.

Historical price cycles further strengthen the argument for a potential rally. The 2017 surge followed a prolonged accumulation phase, which appears to be repeating in the current cycle. If the top meme coin follows the same trend, analysts believe the meme coin rally could push Dogecoin toward the $1 mark in the coming months. The analysis of Dogecoin price trends incorporates several technical indicators that align with the 2017 price cycle. Moving averages, RSI, and price action suggest that the current consolidation phase may be setting up for another strong rally. The Moving Average Convergence Divergence (MACD) indicator is signaling a potential bullish crossover as the blue MACD line is rising and appears to be crossing above the orange signal line. This crossover is a classic technical indicator of increasing bullish momentum, often interpreted as a buy signal by traders. Additionally, the histogram bars have transitioned to blue, reinforcing the likelihood of an upward trend. As the histogram expands positively, it suggests growing buying pressure, which could push Dogecoin’s price higher in the coming sessions. This development indicates that momentum is shifting in favor of the bulls, potentially setting up a price recovery.

Furthermore, the Awesome Oscillator (AO) is reflecting a similar sentiment, as the histogram bars are beginning to lighten in color, transitioning from deep red towards green. This shift in momentum suggests that bearish pressure is weakening, and a potential reversal may be forming. If the AO continues to print green bars, it would confirm a bullish divergence, adding weight to the bullish case. At the time of reporting, Dogecoin is trading at $0.1743, reflecting a 5.34% surge in the past 24 hours. Its market cap stands at $25.89 billion, indicating strong bullish momentum.