• The history of Dogecoin shows an ascending channel; the going rate could skyrocket by 6,770 percent, extrapolating the model.
  • Relative levels within this channel are especially important for predicting further price dynamics of a given security.
  • Nevertheless, the optimism of the projected performance comes with underlying risk factors such as fluctuation, shifts among others.

Dogecoin ( $DOGE), by this definition is due for another major uptrend if history repeats itself. The analysis of charts in the past few days reveal that $DOGE has been on an ascending parallel channel which has time and again marked a period of high volatility. Through analysis it was found that Dogecoin could grow up to 6,770% if it will continue this way.

Historical Records and Progression Trends

Over the years, Dogecoin has proven to be quite volatile, with extremely high velocity periods that tend to shock the market. Analyzing the cryptocurrency’s price chart, it is evident that the price always breaks out within the ascending parallel channel. 

For instance, prior rise, in 2017 and 2021, was accompanied by an expressive rally, with each of the multiple thousands of percent of gains. These surges were usually as a result of increased investor attention and external factors; social media among them.

#Dogecoin $DOGE could rally by another 6,770% if it continues to follow the ascending parallel channel pattern! pic.twitter.com/Js9mYGwevK

— Ali (@ali_charts) December 30, 2024

It is possible to reveal key points of growth within the channel based on the chart drawn on December 28, 2024. By following the same growth rates as indicated by these points above, Dogecoin ‘ s price may rise from its current trading range of $0.32 to $17.96. Target resistance can be seen in the upper boundary of the ascending channel while support levels are given by the lower boundary of the ascending channel.

Risks and Factors Endorsing the Rally

In the past, Dogecoin has always largely moved in response to changes in the macroeconomic environment, technological developments, and increasing utilization of blockchain solutions. Some market analysts have pointed out that the accumulation phase is still going on, hence implying that there is sign of optimism by long term investors. 

Based on price history, Dogecoin may well continue its ascent above 6,000%, and clearly there is potential for further explosive growth if it stays within the ascending channel. However, while the perfect storm narrative seems to be waving the green flag for potential investors, it’s important to approach it with caution.

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