Cover image via U.Today

The largest dog-themed cryptocurrency by market value, Dogecoin (DOGE), seems to be on the cusp of a significant upward trend, as hinted at by analysts and traders who often draw comparisons between current price movements and historical data to predict future outcomes.

According to crypto analyst Ali, DOGE could be entering a massive parabolic bull run based on the pattern observed from 2018 to 2021. If this historical fractal serves as a guide, Dogecoin might see a substantial surge in value in the near future, potentially reaching the coveted $1 mark along the way.

However, it is crucial to note that past performance does not guarantee future results, and a negative shift in market sentiment could lead to price declines for Dogecoin.

Despite the optimistic signals indicating a promising period for Dogecoin, it remains uncertain whether DOGE can replicate its past achievements and embark on a parabolic bull run. Nevertheless, the excitement within the crypto community is palpable, with everyone closely monitoring the developments in anticipation of what is to come.

Dogecoin price movement

At the time of this writing, Dogecoin has experienced a slight 0.21% increase over the last 24 hours, reaching $0.207. The overall lackluster trading tendencies in the crypto market on the first day of April have also impacted Dogecoin, with traders taking profits near the $0.23 mark.

While Dogecoin temporarily dropped to $0.199 during recent trading sessions, a recovery brought it back to current levels. Continuation of the rally could see Dogecoin aiming for resistance at $0.23 and potentially setting sights on $0.30.

On the flip side, a drop below $0.19 may pave the way for a decline towards $0.17 and even lower to $0.13.

In other news, the release of Gigawallet Version 1.0, a backend service offering integration APIs for various platforms, including online shops and exchanges, is anticipated to positively impact Dogecoin adoption in the coming days.