Could DOGE Soar 500%? Historical Clues Hint at Epic Rally Ahead!

Dogecoin Marks DogeDay with Potential 500% Price Surge

On April 20,Dogecoin enthusiasts celebrated DogeDay. This event, popular as 2021, has a new twist. An analyst predicts a 500% price increase for the memecoin, based on a ancient pattern.

Currently, Dogecoin (DOGE) trades at $0.16132. It’s been moving between $0.14 and $0.16 as late March. This suggests an accumulation phase after a long downtrend. The price is now testing the 20-day Exponential Moving Average at $0.16067, aiming for the $0.20 resistance level.

The Relative strength Index is rising, crossing it’s moving average.Though still below the neutral 50 level, this upward trend shows growing bullish interest.However, the macro structure remains bearish. The price hasn’t broken above the 20-day EMA, and volume is stable but subdued.

Crypto analyst @Steph_iscrypto believes DOGE is set for a major breakout. He notes a historical pattern from a previous market cycle.DOGE had a 129-day downtrend before surging over 500%, from $0.08 to $0.40.A similar setup is forming now, with DOGE declining steadily for 129 days.

Steph suggests the current consolidation could be a launchpad for the next rally. “Bottom signal flashing,” he wrote on X. Simultaneously occurring, Dogecoin is gaining institutional attention. the U.S. Securities and Exchange Commission is evaluating several DOGE-tracking ETF applications. If approved, these could drive the 500% surge predicted.