Despite a 46% drop, DOGE is expected to rebound to $18?

History shows that this is the case

A famous market analyst believes that the price of DOGE will soar to double digits, highlighting the pattern of market cycles in 2017 and 2021.

Driven by the extremely positive sentiment in the cryptocurrency market, leading meme coin DOGE (DOGE) has had a rather bullish year, with its digital price percentage increase reaching threefold.

Although the recent market volatility has slowed down due to the comments from Jerome Powell, the chairman of the Federal Reserve, history has shown that this could be a normal occurrence in a steep upward trend, and there is still significant room for further growth.

The beginning of the journey towards $18?

Prominent crypto analyst Ali Martinez has highlighted that DOGE may be on the verge of a parabolic rebound despite its recent strong performance. The analyst shared this sentiment in an X post on Monday, December 23, citing the price action of dog-themed meme tokens in 2017 and 2021.

As analysts have emphasized, in both cases, the asset first experienced an early Rebound and retraced about 50%, followed by a larger increase. In 2017, it rose by 212%, then retracted by 40%, and then surged by 5,000% to reach a peak of 0.01857 dollars. In 2021, it rose by 476%, then retracted by 56%, and then soared by 12,000% to reach the current historical high point near 0.74 dollars.