Is It Late 2020 All Over Again for Dogecoin?

  • DOGE’ price mode is remarkably alike with the price movement in late 2020.
  • The digital asset can attest one, a “fractal” is presented because of dogecoin grew over 1,000% in early 2021.

One key principle of the Dow Theory is that asset price trends are self-repeating, functioning along Mark Twain’s famous quote: “The second line, ‘History never repeats itself, but often rhymes,’ is the core message from the book. Therefore, most traders look for this similarity in the past price movements to decide whether the current trend is likely to continue the same way or not.

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Overview of the Similarities Between Price Movements of DOGE coin Now and Before

Dogecoin, the world’s biggest meme cryptocurrency broke its resilience at the 50-week, 100-week, and 200-week simple moving averages (MA) of its price or the around one-year, five-months and ten-months MA of its price sending the price of Dogecoin to higher levels that last two years. The 50-week SMA has outgrown the 100-week SMA illustrating the uptrend of market momentum.

As there are similarities between these trends with those in late-2020 as seen above. It is interesting that, as fractal noted, DOGE has rallied just in 5 months in early 2021.


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Is It Late 2020 All Over Again for Dogecoin?


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