According to Cephii, a crypto analyst on X (formerly Twitter), the current Dogecoin price history reflects the pattern of the 2021 election opening and signals a possible price increase to new ATHs on the horizon. Despite declining By more than 10% in a week, Dogecoin price continues to rise amid bearish conditions.
Dogecoin price repeats election rally
During the Bull cycle in 2021Dogecoin price rose to new ATHs, driven by broader market adoption, political influence and other bullish factors. Cephii revealed on
Cephii shares two parallel charts of this bullish trend pattern, pointing out striking similarities between Dogecoin’s current price action and his own Behavior in the 2021 bull cycle. The first chart highlights two moving averages (MA), with the blue trendline crossing the red one, which is a signal of this potential bullish momentum for Dogecoin.
The second chart depicting Dogecoin’s current cycle shows that the meme coin is trading at $0.344 during its trading Resistance and support zones were indicated by Fibonacci extension and retracement levels. The chart shows that Dogecoin is approaching a critical point at the .414 Fib, which is consistent with historical resistance above $0.344. The other Fibonacci levels such as 0.739 and 1.547, which correspond to the price points of $0.7 and $1.4, represent Long-term bullish targets for Dogecoin if its upward momentum continues.
What is noteworthy is that the moving averages in the second chart show a similar movement pattern. They show a bullish crossover with the blue MA trendline crossing the red one. This price structure hints at a possible breakout scenario and mimics the setup of the US presidential inauguration in 2021.
With The price movement of Dogecoin Cephii has been tracking historical trends and predicted that the meme coin could soon see a surge almost identical to that seen at the last presidential inauguration. With Donald Trump The opening is scheduled for January 20, 2025, and speculation is rife that this political event could once again lead to a remarkable rally in the price of Dogecoin.
How Trump’s inauguration could affect Dogecoin
Discussions are increasing in the crypto community as analysts predict the outlook for Dogecoin price after this Trump’s inauguration as US President on Monday. Reports have revealed that investors are betting on which crypto-related words like Dogecoin might be mentioned during the inauguration ceremony.
On the other hand, many believe that this Inauguration Day could be a historic moment for Dogecoinfueled by an optimistic mood and the creation of Elon Musk’s Department of Government Efficiency (DOGE). With Musk’s influence, Trump’s support and the growing excitement around Dogecoin, many have Hope This event could boost the price of the meme coin again.
Featured image created with Dall.E, chart from Tradingview.com