Dogecoin Price Pattern Hints towards a possible 85% Rally

Dogecoin (DOGE) is currently displaying a price pattern similar to what was witnessed before its massive 8,000% increase in 2021, and this signals for a major breakout to take place sometime soon.

Dogecoin is up 480% from its August 2024 low, including a 220% gain following Donald Trump’s election win in November.

However, the cryptocurrency is presently consolidating between $0.39 and $0.48 after its recent parabolic rebound. This type of price action closely resembles what happened back in early 2021 when Dogecoin saw a big rise followed by a lateral trend before signaling another big breakout.

One of the major indicators that could support this potential rally is the weekly Relative Strength Index (RSI). As December 2024 reached, the RSI has risen toward overbought territory, breaking above the level of 70.