As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of parabolic rallies and price discoveries. The current situation with Dogecoin is reminiscent of some of the most explosive market movements I’ve witnessed.
The cost of Dogecoin is once more pointing towards a steep upward trend, potentially reaching unprecedented levels and surpassing previous highs in this market phase. According to crypto analyst Mikybull Crypto, the price of Dogecoin might duplicate its 16,000% increase from 2020 as it moves into unexplored pricing territory.
Dogecoin Eyes Parabolic Rally To Price Discovery
In a recent post on X, Mikybull Crypto pointed out that DOGE‘s dramatic ascent towards new price levels suggests it has reached a point of discovery. The analyst found this move intriguing, noting that the Dogecoin price surged over 16,000% in 2020 when it breached the Relative Strength Index (RSI) 70 threshold, which typically indicates an overbought market.
According to Mikybull Crypto, during this current bull market, Dogecoin’s price is predicted to stay within the $1 to $3 range. Moreover, due to the correlation between Fibonacci levels and Dogecoin’s past performance following the last Golden Cross, the analyst also speculates that it could potentially reach as much as $4.
According to expert crypto analyst Master Kenobi, there’s a strong chance that Dogecoin’s price could climb up to $2 during this market phase. He attributes this potential increase to a swift influx of funds and intense investor enthusiasm. Remarkably, he made this forecast while speculating the possibility of Dogecoin surpassing Solana and BNB to claim the third-largest position in the cryptocurrency market by market capitalization.
In a recent analysis, the analyst also indicated that Dogecoin (DOGE) might soon enter its price discovery phase. Notably, Master Kenobi pointed out that DOGE was only about 20 days away from finishing a 91-day sequence. He forecasted that by December 2, DOGE could potentially surge to as much as $1.
According to crypto expert Dj Anas, it’s possible that the value of Dogecoin could climb up to $1 by the end of the year. This forecast is based on the Fibonacci sequence, a pattern he believes will fuel an extraordinary surge towards this projected price point.
DOGE Could Witness A Correction First
As a researcher delving into the dynamic world of cryptocurrencies, I’ve noticed some optimistic forecasts about Dogecoin’s price. Notably, crypto analyst Kevin Capital posits that DOGE might experience a correction prior to entering its next phase of price exploration. In a recent post, this analyst drew attention to a symmetrical triangle and stated that there’s an equal likelihood of either a bullish breakout or a bearish breakdown.
Yet, he noted his preference for an adjustment, given the high daily Relative Strength Index (RSI) of over 90, implying the meme coin is excessively bought up at present. Earlier, this analyst had forecasted that Dogecoin might dip down to approximately $0.26 post a price correction.
Currently, as I type this, the value of Dogecoin stands roughly at $0.39, marking an increase of more than 7% within the past 24 hours, based on information from CoinMarketCap.
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2024-11-14 18:41