Among the known patterns, Dogecoin (DOGE) 2020 price echo emerges

Amid rising network activity, striking parallels have been drawn between Dogecoin's recent price action and its historic behavior in 2020.

As before, DOGE has broken out of a descending triangle pattern and is now in a consolidation phase, reminiscent of its previous trajectory. In the year By 2020, this pattern is ahead of a staggering 28,770% increase.

Crypto analyst Ali Martinez suggests that history may repeat itself, suggesting that there may be another significant bull run for Dogecoin in the near future. Despite continuing steady growth amid broader market volatility, Dogecoin has dropped out of the top 10 cryptocurrencies by market capitalization. However, a trend reminiscent of the 2020 cycle suggests that the mainstream meme has the potential to reach new heights.

#Dogecoin's price action is showing familiar patterns reminiscent of its 2020 behavior. Then, $DOGE broke out of a descending triangle, entered a consolidation period, and then rallied by 28,770%.

Currently, #DOGE seems to be mirroring this pattern: the… pic.twitter.com/69yXnlYRJd

— Ali (@ali_charts) February 23, 2024

However, given the limited supply of the property, such a trend may seem overly ambitious. It should still be noted that on January 29th, Dogecoin saw massive network congestion with the creation of 247,240 new DOGE addresses. Italian sports car manufacturer Ferrari, which has recently embraced crypto in its operations, has announced the addition of Dogecoin to assets such as Bitcoin, Ether and USDC as payment options in the US. Dogecoin is used as a means of payment for famous brands such as watchmaker Tag Heuer and fashion label Gucci. Additionally, AMC Theatres, a US-based movie theater chain, offers Dogecoin as a payment option for purchasing tickets. Recently, SpaceX said it will accept meme coins as payment to postpone the highly anticipated DOGE-1 mission to the moon.