Top Analyst Ignores Dogecoin Price Crash: Sees DOGE Hitting $18

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As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent Dogecoin price analysis both intriguing and promising. Having witnessed the rollercoaster ride of various cryptocurrencies over the years, I’ve learned to read between the lines and trust in the insights of respected analysts like Ali Martinez and Scofield.

This week, Dogecoin’s price has taken a step back, finding itself in a prolonged consolidation period that has lasted nearly a month. This two-day decline coincided with a severe reversal experienced by Bitcoin and other alternative cryptocurrencies. However, some prominent analysts posit that the current downturn in Dogecoin’s price will be short-lived, and they maintain that the upward trend remains solid.

Crypto Analyst Sees Dogecoin Price Rising To $18

A glance at comments from numerous crypto experts reveals a general positivity about the potential for Dogecoin’s price to increase further.

According to a recent update from renowned tech and blockchain analyst Ali Martinez, Dogecoin (DOGE) seems to be holding up well within its ongoing bullish trend. He highlighted this observation by referring to the weekly graph that includes a regression channel.

He expects that the DOGE price will rise to about $3 in the ongoing bull run. His long-term view is that the coin will ultimately rise to $18. A move from the current price of $0.4127 to $3 would imply a 628% rally, while a surge to $18 would lead to a 4,267% gain. 

According to fellow cryptocurrency analyst Scofield, he foresees a rapid increase in Dogecoin’s value. He highlighted that it recently reached an important support line on the four-hour graph, suggesting a forthcoming rebound.

Dogecoin Price Technical Analysis: Needs To Flip $0.4835

Over the last several weeks, the graph for DOGE’s weekly price has been indicating a period of stability, or consolidation. This follows a significant surge that took its price to a high not seen since May 2021, which was approximately $0.4841. Interestingly, this price point was just slightly above the 38.2% Fibonacci Retracement level, specifically at $0.4565.

Dogecoin currently sits well above its crucial support at approximately $0.2278 – a level not seen since March 25 – and is near the top of a smaller “cup and handle” formation in its price chart.

There’s evidence suggesting that the current consolidation could be shaping into either a ‘bull flag’ or a ‘bull pennant’ formation. These patterns typically consist of an extended phase followed by a period of consolidation, where the price action contracts sideways before resuming its upward trend.

If these trends hold up, it suggests a strong upward surge in the Dogecoin value, potentially reaching an optimistic peak of $0.7373 – which is its historical maximum price.

Conversely, if Dogecoin’s price falls below $0.3690 – the 50% retracement level – it would contradict the optimistic prediction for its price increase. This fall could potentially push the price down to the significant value of $0.300.

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2024-12-10 15:26