Crypto analyst Master Kenobi has revealed that the Dogecoin price is mirroring a bullish pattern from the 2017 bull run. In line with this, he predicted that DOGE could reach the much anticipated $1 level and provided a timeline for when this could happen.
Dogecoin Price Mirroring 2017 Bullish Pattern
In an X post, Master Kenobi revealed that the current pattern on the Dogecoin price chart mirrors the 2017 bull run, which was divided into two roughly equal pumps both in terms of value and duration. Back then, DOGE pumped and then retraced for an extended period before recording a parabolic rally to hit new highs.
Based on the similarities between the 2017 bull run and the current cycle, Master Kenobi suggested that the Dogecoin price could witness the second phase of its bull run in this cycle, just like in 2017. He predicted that the foremost meme coin could rally to a top of $1.1 sometime in the first week of June.
Meanwhile, he also indicated that DOGE’s current level might be the local bottom, indicating that a reversal is bound to occur from this current price range. Master Kenobi warned there is no guarantee that the Dogecoin price will reach this $1.1 target. However, he added that it is an interesting observation which might be worth considering.
A Bullish Reversal Might Be On The Horizon
Crypto analyst Crypto Lycus also suggested that the Dogecoin price has bottomed and is well primed for a bullish reversal from its current level. He stated that DOGE is showing a bottoming formation after a sharp correction from $0.50, followed by a steep decline to the current support zone around $0.17.
The analyst further remarked that this $0.17 level is crucial for the Dogecoin price as it had previously acted as a consolidation area before the last breakout. According to him, if DOGE rebounds from this zone, its price could move toward $0.25 and $0.35. However, he warned that a breakdown below this support may lead to further downside revisiting the $0.10 region.
Crypto analyst Trader Tardigrade also indicated that the Dogecoin price could soon rebound from its current level. He revealed that DOGE’s weekly candle closed with a doji. The analyst noted that this indicates a potential reversal from a downtrend to an uptrend at this level. Trader Tardigrade added that a doji appeared right at the start of the last surge.
In another X post, the analyst stated that the Dogecoin price is building momentum for an uptrend reversal. He revealed that the 4-hour chart shows an ascending triangle with a higher low formation. His accompanying chart showed that DOGE could rally to as high as $0.2 in the short term.
At the time of writing, the Dogecoin price is trading at around $0.16, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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