DOGE's compression pattern continues to tighten
Fibonacci analysis suggests a potential repeat of 2024's trend
Another technical structure adds momentum to DOGE's bullish outlook. According to Fibonacci fan analysis starting from the 2021 peak of approximately $0.7316, the current trend shows strong similarities to the breakout pattern observed in October 2024. By the end of 2024, DOGE successfully defended the 0.5 Fibonacci fan support level, leading to a significant rebound. After buyers maintained support, the price quickly surged, reaching $0.48 in December 2024.
Analysts now believe that as long as key support levels hold, the current trend may follow a similar path. Cryptocurrency analyst CryptoSurf recently pointed out that the current Fibonacci fan range is between $0.10 and $0.11. According to this analysis, the bull market must defend the $0.095 area at weekly closes to maintain bullish momentum. If buyers can reclaim $0.115 and subsequently break through $0.14, momentum could quickly strengthen, triggering another larger rebound phase.
However, there are still downside risks. If the weekly closing price falls below $0.095, it could increase bearish pressure and potentially force DOGE into a longer-term consolidation range between $0.095 and $0.08. Another analyst, Trader Tardigrade, compared the current situation to the early accumulation phases from 2015 to 2017 and 2019 to 2020. Both periods ultimately ended with strong parabolic rebounds.