DOGE price eyes 500% surge based on historical pattern – another cause for celebration after DogeDay

On April 20, Dogecoin holders celebrated the annual DogeDay, the event that first gained traction in 2021. But there’s another cause for celebration as an analyst is heralding a 500% surge for the memecoin, based on a historical pattern that preceded a major rally in the previous cycle. At press time, Dogecoin ( DOGE ) is trading at $0.16132, hovering at a major horizontal support level. It has been moving sideways in the $0.14–$0.16 range since late March, indicating an accumulation phase following a prolonged downtrend. The price action is currently testing the 20-day Exponential Moving Average at $0.16067 and appears to be tracking toward the $0.20 psychological resistance level — which was established in early March and retested at the end of that month. The Relative Strength Index is climbing and has crossed above its own moving average. Although still below the neutral 50 level, the upward momentum signals growing bullish interest. That said, the macro structure is still bearish, as the price has yet to break decisively above the 20-day EMA, and no significant uptick in volume has emerged — meaning that market interest is stable but still subdued. Source: crypto.news You might also like: 21Shares seeks SEC approval for spot Dogecoin ETF Although the daily chart is largely bearish, crypto analyst @Steph_iscrypto believes DOGE price is gearing up for a major breakout, based on a historical pattern that played out during a previous market cycle. According to Steph, DOGE had ridden a 129-day downtrend before skyrocketing over 500%, rallying from around $0.08 to more than $0.40. He says that a similar setup is forming now, with DOGE once again having declined steadily for 129 days. On the chart, both downtrends are marked as “43 bars, 129d,” representing 43 daily candles over the same duration. Source: @Steph_iscrypto Steph essentially suggests that if history repeats, the current consolidation range could serve as launchpad for the next major rally. “Bottom signal flashing,” he wrote in 19 April X post . Meanwhile, Dogecoin is drawing institutional attention as the U.S. Securities and Exchange Commission evaluates several exchange-traded fund applications tracking DOGE price. ​These include filings from Bitwise , Grayscale , 21Shares , and Rex Shares (in partnership with Osprey Funds). The approval of these ETFs could act as a major catalyst, potentially driving 500% surge @Steph_iscrypto has projected for the memecoin. You might also like: Bitwise’s Dogecoin ETF moves forward as NYSE Arca files 19b-4

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Source: crypto.news