The post Is Dogecoin’s price tracing its pattern from 2017 and 2020 again? appeared on BitcoinEthereumNews.com.

DOGE’s trading volume and network activity declined significantly A bullish pattern appeared on the memecoin’s daily chart too  After a week of price drops, Dogecoin [DOGE] once again gained bullish momentum on the charts. However, the trend might change soon, especially since the memecoin seemed to be following a pattern similar to that of its previous cycles. Should investors be cautious then? Dogecoin mimics historical pattern The world’s largest memecoin witnessed a 6% correction last week, but the bulls managed to push its price up by 3% in the last 24 hours. Here, it’s interesting to note that while several think memecoins are only backed by market sentiment and hype, the reality is a bit different. Ali Martinez, a popular crypto analyst, recently shared a tweet highlighting one such trend. According to the same, DOGE seems to be following a same pattern witnessed back in 2017 and 2020.  Source: X During those cycles, after steep price spikes, DOGE’s value dropped for a few days before resuming its rally. The pullbacks happened as sell signals appeared on DOGE’s TD sequential. Since similar events happened twice, the chances of the same episode repeating in 2024 are high. Therefore, Martinez mentioned that Dogecoin might be testing investors’ patience during this cycle.  Will history repeat itself? As a similar sell signal appeared recently, AMBCrypto checked whether investors have started to dump their holdings or not. AMBCrypto found that selling pressure did increase over the last 24 hours. Dogecoin’s sell volume revealed that the metric hit a value of 100. For starters, a number closer to 100 means a massive hike in selling volume. However, it should also be mentioned that the selling spree cooled off later as the metric dropped to 12.  Source: Hyblock Capital Apart from these, quite a few other metrics also…

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Filed under: News - @ November 30, 2024 11:16 am