[Analysis] Dogecoin (DOGE) Pattern Similar to 8000% Rally... Targeting $0.75 by January

Source=Trading View

There is a claim that Dogecoin (DOGE) is expected to rise by 85%.

On the 12th (local time), Cointelegraph stated, "Currently, Dogecoin shows a pattern similar to before the 8000% rally in 2021," and "If history repeats, Dogecoin will rise by 85% to reach $0.75 by January next year."

The media noted, "The current Dogecoin chart is rebounding in a parabolic shape, similar to just before the additional rise in 2021," and "The weekly Relative Strength Index (RSI) has also entered the overbought zone above 70 (similar to 2021), which is a signal." Typically, entering the overbought zone signals a correction or sideways movement, but in 2021, the overbought condition led to upward momentum.

Additionally, "The whale's Dogecoin holdings are at an all-time high," and "The increase in whale holdings shows their belief in a price rise." It continued, "During the 2021 rally, an increase in whale holdings was also observed," and "At that time, whale holdings rose to 112.5 billion DOGE." According to Messari data, the current Dogecoin holdings of addresses with more than 1 million DOGE total 130.2 billion DOGE.

Furthermore, the influence of Elon Musk, CEO of Tesla, is also a significant help in Dogecoin's rise. The media added, "Elon Musk's supportive tweets for Dogecoin played an important role in the price surge," and "The launch of the 'Department of Government Efficiency (DOGE)' will also greatly aid Dogecoin's rise."

Meanwhile, Dogecoin has rebounded 480% since its lowest point in August and has risen 220% since the U.S. presidential election in November.

As of 11:47 PM, Dogecoin is trading at $0.40986, down 0.86% compared to 24 hours ago on the Binance USDT market.