Dogecoin Could Skyrocket Again with Parabolic SAR
If you’re a Dogecoin holder, you may be excited to know that the popular meme cryptocurrency could be headed for another massive surge. A parabolic technical signal has reappeared, and the last time this happened, Dogecoin saw a staggering 23,000% rally. So, what does this mean for DOGE?
Recalling Dogecoin’s Last Performance
During the previous crypto bull market, Dogecoin outperformed Bitcoin, Ethereum, and most other altcoins. Fueled by meme frenzy, stimulus checks, and Elon Musk tweets, DOGE made significant gains. Before its breakout in 2020, the meme coin had spent over three years in a downtrend. Just before its surge, the DOGEUSD price action had touched the 1M Parabolic SAR.
Potential for Another Meme Coin Season?
The Parabolic SAR is a technical indicator designed by J. Welles Wilder, Jr., known for creating other popular tools like the Relative Strength Index and Average True Range. It signals when a trend may have stopped and reversed. In 2020, the signal marked the end of the downtrend and initiated a rally that resulted in over a 23,000% surge. Now that the signal has been triggered again, what can we expect from Dogecoin?
Historically, hitting the Parabolic SAR led to more than just one massive rally. In April 2017, it also preceded a 6,200% surge. Averaging these two rallies suggests a potential 14,600% increase. Additionally, Elliott Wave Principle points to another possible 6,200% return if an uptrend materializes from here.
Hot Take: DOGE Could Rocket to New Highs
The resurgence of the Parabolic SAR indicates that Dogecoin could be on track for another major rally. If history repeats itself, we might see substantial gains ahead for DOGE holders.
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