Crypto analyst Cryptollica has pointed to a Dogecoin cycle fractal, which shows where the DOGE price may be headed next. This came as the analyst provided a bullish outlook for the top meme coin and indicated that this was a good time for investors to buy DOGE.
Dogecoin Cycle Fractal Shows DOGE’s Bull Run Is Imminent
In an X post, Cryptollica indicated that Dogecoin was at the point before it begins its bull run, with the accompanying chart showing that the meme coin could still rally above $1. The analyst noted that the cycle fractal has repeated itself at the macro level, with their chart highlighting four distinct structural points.
Related Reading
Cryptollica revealed that Dogecoin is currently at Point 4 and that the structure is rhyming perfectly with the pre-bull run accumulation phases of the past. The analyst then broke down the patterns observed in this cycle fractal. The first is the ‘Rounding Bottoms,’ with Zones 1 and 2 being the “boredom phases” in which volatility died and smart money accumulated.
Zone 2 is said to be the launchpad for the massive 2021 parabolic run for Dogecoin. Meanwhile, Zone 4 is the current price action, with Cryptollica noting that the same rounding-bottom formation is playing out. The analyst added that the DOGE price is stabilizing and forming a heavy base just like it did before the previous explosions.
Cryptollica then highlighted Dogecoin’s Relative Strength Index (RSI), noting that the 32 level acts as a historical floor. The analyst explained that the DOGE price has formed a macro bottom every single time the weekly RSI touched or hovered near this baseline. The RSI is said to have reset back to this critical support level, indicating that sellers are exhausted and the momentum is primed to flip.
DOGE Is In The “Golden Pocket” For Accumulation
Cryptollica stated that the cycle fractal isn’t just random noise but a cyclical reset, as the chart suggests that Dogecoin is in the Golden Pocket for accumulation. The analyst further remarked that if the fractal plays out as it did in 2020, in Zone 2, then the current DOGE price action is simply the calm before the storm.
Related Reading
Cryptollica again highlighted the technical structure, noting that a bullish rounding bottom was forming for Dogecoin while the RSI was at a historical oversold support level, which is a buy zone. The analyst declared that the spring is loading and that patience is required, but that the setup points to a major impulsive move that is on the horizon. In line with this, Cryptollica urged investors to “buy Dogecoin.”
At the time of writing, the Dogecoin price is trading at around $0.127, down almost 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com