Crypto pundit Master Kenobi has remarked that the Dogecoin price is giving 2017 vibes. This presents a bullish outlook for DOGE, given the foremost meme coin’s price action in the 2017 bull cycle.
Dogecoin Price Replicating 2017 Bull Run
In an X post, Master Kenobi stated that the Dogecoin price is giving 2017 vibes, indicating that the current price action is similar to that of the 2017 bull run. This is significant because of the massive gains which DOGE recorded in that bull run. The analyst’s accompanying chart also showed DOGE recorded a huge green candle in the second quarter of that year.
Back then, the Dogecoin price rallied above $0.00350 by June, which marked a new all-time high (ATH) for the meme coin at the time. Based on the similarity between the current price action and 2017’s, DOGE could again witness another massive green candle in this second quarter and possibly rally to a new ATH soon.
Master Kenobi predicts that this would happen. In an earlier X post, he stated that once the Dogecoin price breaks above the trendline at around $0.15, it is likely to reach a new ATH within around 50 to 55 days. The analyst added that a conservative price target would be $0.90 by June 10.
Meanwhile, in another post, Master Kenobi also alluded to 2024’s Dogecoin price action, noting that there was a 100-day period from the local bottom to the local top. He remarked that DOGE is halfway through a similar timeframe. In line with this, he expects the foremost meme coin to hit a new ATH during this period, although he is uncertain if it will break $1 in the process.
DOGE Ready For A Massive Surge
In an X post, crypto analyst Trader Tardigrade indicated that the Dogecoin price is ready for a massive surge. He noted that DOGE consistently forms Parallel Channels in each cycle before experiencing an enormous surge. His accompanying chart showed that the foremost meme coin has again formed another Parallel Channel and that it could rally to as high as $8 following this development.
In his latest X post, he stated that DOGE’s 4-hour candle has closed, confirming a Dogecoin price breakout from a triangle pattern. His accompanying chart showed that the meme coin could rally above $0.17 in the short term, a move that could pave the way to new highs. Market participants would be looking to see DOGE reclaim the psychological $0.2 price level, as this could serve as confirmation that the meme coin is again in bullish territory.
At the time of writing, the Dogecoin price is trading at around $0.16, up almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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