Dogecoin Has Entered The Zone That Led To The 2021 26,000% Surge And The Target Is Above $2

A crypto expert has highlighted a recurring pattern on the Dogecoin (DOGE) price chart that led to its historical 2020 price rally. At the time, the DOGE price had skyrocketed by more than 26,000%, turning many early investors into millionaires in just a few months. Now, with the current chart structure repeating the same pattern, the analyst believes that Dogecoin may be preparing for another historic rally, this time to a $2 price target.

Dogecoin Price Repeats Historic 2021 Bull Run Pattern

In one of his latest Dogecoin analyses on X, market analyst Crypto Patel stated that DOGE is currently sitting within the same strong accumulation zone from 2021 that sent its price to an all-time high. He marked this zone at around $0.10, noting that Dogecoin traded around this level before jumping over 26,834% to $0.74 in the previous bull run. 

Crypto Patel noted that during that time, tweets from SpaceX and Tesla CEO, Elon Musk, had acted as a major catalyst to the meme coin’s upward price action. With renewed attention on Dogecoin, the analyst now believes that the fractal pattern from that past bull market is repeating in this cycle. 

He noted that the bull run between 2020 and 2022 had moved through Waves 1 to 5, with significant price fluctuations before finally peaking in the last wave. In his accompanying chart, Crypto Patel showed that in Wave 1, Dogecoin experienced its first breakout before jumping again to a new high in Wave 2. This bull run continued, with Waves 3, 4, and 5 all showing price moving higher before the peak finally triggered a bearish downtrend. 

Source: Chart from Crypto Patel on X

Fast forward to the current cycle, Crypto Patel’s chart shows the market mirroring the same moves. Around 2024, Dogecoin experienced two breakouts similar to those in the previous cycle. After the second breakout, the price retested the former lows before experiencing another strong rally, marking Wave 3.