Historical similarity in the meme coin Dogecoin (DOGE) can be a harbinger of huge price increases.
The striking similarity between the current price movements of Dogecoin and the price movements in 2020 caught attention. DOGE saw a rise of over 1,000% in the early days of 2021 after the formation it undertook in late 2020.
This similarity took place with the 50, 100, and 200 week simple moving averages (SMA). DOGE price recently rose above these moving averages and presented a similar picture to the end of 2020.
Market commentators underlined the historical similarity and implied a similar surge could be in the offing. Especially, the recent comments of billionaire Elon Musk on DOGE were among the factors exciting investors. Musk, who described DOGE as the cryptocurrency of the people, had stated that he would continue to support this project.
Furthermore, April 20 is known as an important date for DOGE and the upcoming Bitcoin halving shifts the event to a different place.
According to CoinGecko data, DOGE, which has risen 3% in the last 24 hours, is trading at $0.18 as of writing.
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