Can The Dogecoin Price Reach $3 As Golden Cross Looms?

by

As a seasoned researcher with a decade of experience in the cryptocurrency market, I find it intriguing to observe the ongoing discussions about Dogecoin’s potential price trajectory. In my humble opinion, based on historical patterns and technical analysis, the $3 target seems like a long shot for this market cycle, as per Kevin Capital’s assessment. However, the possibility of DOGE reaching $10 is an intriguing thought, as suggested by Dima James.

At present, Dogecoin‘s value is surging significantly, even more so when we look at its recent upward trend over the last few weeks. This surge has sparked conversations about how high this meme-based cryptocurrency might climb in the current market phase, with some speculating that it could reach $3. Nevertheless, crypto analyst Kevin Capital offers reasons to believe a rise up to $3 is extremely improbable.

Can The Dogecoin Price Reach $3

In an X post, Kevin Capital opined that it is highly unlikely that the Dogecoin price will reach $3.90 in this market cycle. He explained that the top meme coin has reached the 1.618 macro golden pocket in every Dogecoin cycle.

The analyst also shared that the current estimated ideal buying point for macro investments is around $3.90. But, Kevin Capital suggested an alternate viewpoint. If we measure Dogecoin’s peak from before Elon Musk’s Saturday Night Live performance in 2021, then the ideal buying point could be as low as $1.80. He expressed doubt about reaching the $3.90 target and considered even $1.80 a challenging goal, but potentially attainable based on Bitcoin‘s future market movements.

As I delve into my ongoing analysis, I’m intrigued by Kevin Capital’s recent findings that Dogecoin could be on the verge of another weekly Golden Cross. He recalls that the last time this occurred was four years ago. At that point in time, following the Golden Cross, Dogecoin experienced a three-week period of dip and consolidation before hitting its cycle top 119 days later. This historical trend has me keeping a keen eye on the market’s movement over the coming weeks.

Based on the analyst’s viewpoint, if the DOGE price trend follows the pattern of its previous cycle, it may experience a dip over the coming three weeks. However, following this potential downturn, a dramatic upward surge, referred to as a “parabolic rally,” could ensue, lasting from December 2022 through April 2025. According to Kevin Capital’s forecast, the meme coin might reach its peak somewhere in the middle or towards the end of spring in the year 2025.

A $10 Target May Be Possible

In contrast to Kevin Capital’s viewpoint that a surge in Dogecoin value up to $3 is extremely unrealistic, crypto expert Dima James posits an intriguing scenario where the meme currency could potentially spike as high as $10 during the current market trend.

The analyst hinted at Dogecoin’s recent and past weekly trends when discussing the feasibility of the stated price target. He pointed out that the weekly graph typically shows Dogecoin’s historical performance improving after the green and red lines intersect, leading to upward trends. This pattern seems to be repeating in the current cycle, suggesting it could experience a significant price surge.

According to Dima James, if Dogecoin’s price manages to surpass the $0.18 level in the weekly chart and then ends the week there, it would suggest a potential parabolic trend has started for Dogecoin.

As a crypto investor looking back, I can’t help but marvel at the incredible surge Dogecoin experienced during the 2016 and 2021 bull runs. In both instances, the price soared over 8,000% and 18,000%, respectively, after it ended the week above the yellow line on the charts. If history has a tendency to repeat itself, as some analysts believe, we might be in for another remarkable price gain for Dogecoin, potentially even larger than before, thanks to factors like increased adoption and technological advancements.

Read More

2024-11-09 20:57