In this article, we will take a look at the price movement for Dogecoin (DOGE) in the 2015-2018 bullish cycle and compare it to the current one.
The 2020 bullish cycle for DOGE has had a much higher magnitude and has transpired in less time than the one in 2016-2018.
First bullish cycle
DOGE initiated its first upward movement in May 2015. At the time, it was trading at a low of only $0.000085.
The upward movement continued for 973 days. In Jan. 2018, a then all-time high price of $0.0187 was reached. Relative to the previous low, this amounted to an increase of 21,821%.
Afterwards, a long corrective period ensued, which lasted for 798 days. It ended with a low of $0.00134 being reached on March 2020. During this time, DOGE lost 93% of its value.
This concluded the first market cycle for DOGE.
Current DOGE movement
The current cycle was considerably faster than the preceding one.
In a span of 420 days, DOGE increased by a massive 54,890%. This is a rate of increase more than twice as big as the one in 2016 and occurred in less than half the time. Therefore, the daily rate of increase was more than four times higher than the one in 2016.
The upward movement led to an all-time high price of $0.739 being reached in May 2020.
If a similar 92% correction ensues, it would lead to a low of $0.054 being reached.
In the previous movement, the length of time between the upward movement and ensuing correction was similar. Assuming the same this time, a low would be reached sometime in May 2022.