Dogecoin (DOGE) Price Prediction: Can the Meme Coin Reach $1 by Early June?

Dogecoin's price action has caused controversy among traders, comparing it to its 2017 bull market cycle.

Dogecoin’s price action has shown a repetitive pattern, especially when it is close to a significant support level marked by white trend lines, according to analyst Dima Potts.

This support is defined by the 200-week simple moving average (SMA), which played a role in the meme coin’s 2017 bull market. Local lows were reached when this indicator was touched, leading to a parabolic move.

The same pattern appears to be unfolding now, once again confirming that the meme coin may be entering a new phase of its bull run.

This analysis was shared by cryptocurrency analyst Master Kenobi, who compared the current bull market to the one in 2017. The previous bull market had two nearly identical increases in value and duration.

Using this historical comparison, traders have also plotted the current price cycle, marking important points with parallel lines. This would mean that if history is to repeat itself, then DOGE can see a major upward move, potentially reaching $1.1 by early June.

The synchronization of the recent price action with that of the prior cycle has created speculation of a similar outcome, but nothing is guaranteed.

This analysis refers to the 200-day simple moving average (SMA) as the significant support level. Dogecoin hit its local bottom in 2017 when it touched this indicator before starting a parabolic rise.

The same pattern appears to be unfolding now, once again confirming that the meme coin may be entering a new phase of its bull run.

Doji Candle Strengthens Bullish Case For Dogecoin

Technical patterns continue to support bullish arguments for Dogecoin. A recent weekly candle pattern closed out with a Doji, which is commonly associated with market indecision and trend reversals.

According to Ben Shapespear, traders usually observe this pattern at key levels, indicating a potential shift in momentum.

Historically, a Doji at key support levels has been preceded by price bursts, and in Dogecoin’s case, the identical setup was established before its recent large upward thrust.

This observation is supported by Shapespear, who noted that the structure of the market favors another move up.

Market participants are now looking at the possibility of an immediate uptrend. The Doji pattern, as well as the overall market structure, suggests that the bearish momentum might be losing strength.

If the buyers enter at these levels, Dogecoin can affirm a reversal and embark on its next leg up.

Historical Cycles Hint At A Parabolic Move

The price action of Dogecoin has shown a repetitive pattern, particularly when it is close to a significant support level marked by white trend lines, according to analyst Dima Potts.

This support is defined by the 200-week simple moving average (SMA), which played a role in the meme coin’s 2017 bull market. Local lows were reached when this indicator was touched, typically leading to a parabolic rally.

With Dogecoin once again trading near this support, traders think the market could be setting up for another parabolic move.

The 2021 rally followed the same, with Dogecoin pumping after reaching the lower end of this historical range. If the pattern holds, the market could be moving into phase two of its bull run, with a massive price increase waiting in the wings over the coming months.