Will Dogecoin repeat the violent rally of 2021?

The recent DOGE price action is strikingly similar to what happened at the end of 2020, when the meme token rebounded from a bear market and rebounded by more than 1,000% in early 2021.
DOGE's price action today bears a striking resemblance to the price action at the end of 2020.
A key tenet of the Dow Theory is that asset price trends repeat themselves, as Mark Twain famously said, "History never repeats itself, but it often rhymes." As a result, traders often check if the ongoing price action is similar to anything in the past to see what will happen in the future.
Dogecoin, the world's largest meme cryptocurrency, recently rose above its widely tracked 50-, 100- and 200-week simple moving averages, ending a 20-month consolidation deep in a bear market. 1742540051, the 50-week SMA has risen above the 100-week SMA, indicating a bullish shift in momentum.
Both developments are strikingly similar to developments at the end of 2020. The so-called fractals are noteworthy, as DOGE witnessed an explosive rally in the first five months of 2021.
Doge spent 20 months in the abyss of a bear market, between 5 and 15 cents, before breaking out of the range at the end of last month. A similar 20-month bear market consolidation in the second half of 2019 and 2020 set the stage for a sharp rally in early 2021. At that time, by May 2021, cryptocurrencies had soared by 3,600% to 37 cents.
Therefore, if the 2019-20 fractal is a guide, then the path of least resistance to DOGE is likely to be on the higher side. A closer look at the chart shows that DOGE's uptrend is very pronounced, but it rarely lasts more than six months. At the same time, the subsequent crash and bottoming/consolidation process took almost three years.
Another similarity between now and in 2020 is that major central banks, including the Federal Reserve, are widely expected to cut interest rates in the coming months. Expectations of renewed easing of liquidity bode well for assets that are far ahead of the risk curve. In 2020, interest rates at central banks around the world were close to zero.
Still, past data doesn't guarantee future results, especially for non-serious cryptocurrencies like DOGE and other meme coins. A potential bearish turnaround for crypto market leader Bitcoin could single-handedly drag DOGE lower. #icp gala #BTC FIL #CFX Dogecoin $DOGE ## SNAP