The historical similarity with popular meme coin Dogecoin (DOGE) might be a precursor to major price hikes.
The striking similarity between Dogecoin’s current price movements and those at the end of 2020 has drawn attention. DOGE experienced a 1,000% surge in the early months of 2021, following a formation it took at the end of 2020.
The similarity in question occured concerning the 50, 100, and 200 weekly simple moving averages (SMA). DOGE’s price recently crossed over the mentioned moving averages on a daily and weekly basis, creating a similar scenario to the end of 2020.
Market commentators pointing out the historical similarity implied the possibility of a similar increase. Especially recently, the remarks of billionaire Elon Musk about DOGE were among the factors exciting investors. Musk, who described DOGE as the people’s crypto, said he would continue to support the project.
Moreover, the date of April 20th is an important date for DOGE, and the fact that Bitcoin halving will take place in those days elevates the matter to a different level.
According to CoinGecko data, DOGE, which rose by 3% in the last 24 hours, is trading at $0.18 at the time of writing.
