In 2020, Dogecoin’s price increased by 15,800% to reach $0.76. This movement resembles fractals reflecting the rise after the bear market between 2018-2020. During the 2018-2020 period, Dogecoin followed a horizontal trend between $0.0012 and $0.0056 with low volatility and market balance.
Current Status of Dogecoin
In recent times, Dogecoin has entered a consolidation phase between $0.055 and $0.181, which is higher compared to previous periods. This price range is in line with Fibonacci retracement levels. The effort to hold above the 0.236 Fibonacci level could indicate significant changes in market sentiment.
Factors Affecting the Price
Key factors such as interest rate cuts by the Federal Reserve in 2020 contributed to the sharp increase. Similar factors and potential interest rate cuts in 2024 could impact Dogecoin’s price. Additionally, the Bitcoin halving event shows similarities in price movements with Dogecoin.
After Bitcoin’s third halving event in 2020, Dogecoin gained 34,300% in value. The fourth halving event for Bitcoin is expected in 2024, which could bring about a potential price increase for Dogecoin.
The past and current price movements of Dogecoin can be explained with fractal analyses and fundamental factors. The impact of Bitcoin halving events on Dogecoin creates similar patterns in the market.
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