Dogecoin (DOGE) Price Mirroring 2017 Bullish Pattern, Could Reach $1 By June 1

Crypto analyst Master Kenobi has revealed that the Dogecoin price is mirroring a bullish pattern from the 2017 bull run. In line with this, he predicted that DOGE could reach the much anticipated $1 level and provided a timeline for when this could happen.

Dogecoin Price Mirroring 2017 Bullish Pattern

In an X post, Master Kenobi revealed that the current pattern on the Dogecoin price chart mirrors the 2017 bull run, which was divided into two roughly equal pumps both in terms of value and duration. Back then, DOGE pumped and then retraced for an extended period before recording a parabolic rally to hit new highs.

Image: Master Kenobi on X

“2017 had roughly 2 equal pumps in terms of both value and time. We went up, then down for a while, before a final parabolic move.

“2017 had roughly 2 equal pumps in terms of both value and time. We went up, then down for a while, before a final parabolic move.

2023 has also had 2 equal pumps (both roughly $0.10 in 3 weeks). We went up, then down, and now we’re setting up for the final move.”

According to the analyst, the first part of the cycle saw the cryptocurrency rise from a low of around $0.10 in November 2016 to a top of $0.11 in January 2017. After this, DOGE dropped to as low as $0.09 before kicking off the second phase of the bull run, which saw the cryptocurrency rally to a high of around $0.19 in mid-May 2017.

From there, Master Kenobi noted that the meme coin went on to drop back to the $0.10 region once again before making a final move up to hit highs of around $0.19.

However, the cryptocurrency went on to drop to lows of $0.008 in December 2019, more than 18 months after the 2017 bull run.

The second part of the cycle saw the cryptocurrency rise from a low of around $0.09 in November 2016 to a top of $0.11 in January 2017. After this, DOGE dropped to as low as $0.09 before kicking off the second phase of the bull run, which saw the cryptocurrency rally to a high of around $0.19 in mid-May 2017.

From there, the meme coin went on to drop back to the $0.10 region once again before making a final move up to hit highs of around $0.19.

However, the cryptocurrency went on to drop to lows of $0.008 in December 2019, more than 18 months after the 2017 bull run.

suggest that the Dogecoin price could see the second phase of its bull run in this cycle, like in 2017. According to him, the foremost meme coin could rally to a top of $1.1 sometime in the first week of June.

Image: Master Kenobi on X

“Current cycle is also showing 2 equal pumps (both around $0.10 in 3 weeks). We went up, then down, setting us up for the final part of the cycle, potentially reaching $1.1 by the first week of June.”

Meanwhile, he also noted that DOGE’s current level might be the local bottom, indicating that a reversal is bound to occur from this current price range.

Meanwhile, he also noted that DOGE’s current level might be the local bottom, indicating that a reversal is bound to occur from this current price range.

Master Kenobi warned there is no guarantee that the Dogecoin price will reach this $1.1 target. But he added that it is an interesting observation which might be worth considering.

A Bullish Reversal Might Be On The Horizon

Crypto analyst Crypto Lycus also suggested that the Dogecoin price has bottomed and is well primed for a bullish reversal from its current level.

According to the analyst, DOGE is showing a bottoming formation after a sharp correction from $0.50, followed by a steep decline to the current support zone around $0.17.

Image: Crypto Lycus on X

Image: Crypto Lycus on 10

“#Dogecoin is forming a triple bottom formation after a strong decline from $0.50. We saw a sharp move down to the $0.17 support, a crucial level as it was a prior consolidation area and saw buyers step in to prevent further declines.”

The analyst further stated that if the Dogecoin price manages to stay above this zone, it could continue to recover toward the $0.25 and $0.35 resistance levels. However, he warned that a breakdown below $0.17 may open the door for further downside to retest the $0.10 region.

Crypto analyst Trader Tardigrade also indicated that the Dogecoin price could soon rebound from its current level.

According to the analyst, the DOGE’s