- Dogecoin may be gearing up for a huge rally based on a well-known historical pattern.
- The stats all show signs of a strong comeback.
Dogecoin [DOGE] could be preparing for a repeat of a known past pattern, possibly accompanied by a big rally ahead.
According to a recent tweet from a renowned analyst, the memecoin retreated 65% after breaking out of a multi-year descending triangle setup that once sent it soaring 200% before correcting.
If history repeats itself, DOGE could be on the verge of another bull run.
Source:
Dogecoin development activities are increasing
One of the key indicators supporting the rally is altcoin development activity. According to Santiment data, Dogecoin development activity has increased dramatically since the beginning of this month.
This increase in innovation and updates within the DOGE ecosystem can increase investor confidence in this cryptocurrency and make the asset more attractive to a long-term holder.
Source: Santiment
Big deals are flowing as transaction volumes grow
Another very positive indicator for DOGE is the recent increase in high transaction volume. In the last 24 hours alone, high transaction volumes have increased by 7.04%, according to IntoTheBlock.
Source: IntoTheBlock
This increase in large transactions indicates increased interest in Dogecoin whales and institutional players. Their positioning could cause major movements in the market.
Dogecoin social mentions add fuel to the fire
Historically, social sentiment has often been a key driver of altcoin price movement, and Dogecoin is not an extract from that.
In fact, the latest data shows that social volume has grown significantly. Since late September, mentions of DOGE on social media platforms have increased dramatically.
As Dogecoin gains social traction, increased public attention could further boost price action.
Source: Santiment
Read Dogecoins [DOGE] Price forecast 2024–2025
With these key metrics showing strong growth in development activity, large transactions and social mentions, Dogecoin appears ready to go.
If this pattern continues to repeat, DOGE could be heading for another major rally that has occurred in the past.
Credit : ambcrypto.com
