As a seasoned crypto investor with a knack for spotting trends and analyzing charts, I find Kevin’s analysis on Dogecoin intriguing. Having witnessed the wild rollercoaster ride of Dogecoin since its inception, I can attest to its unpredictability but also its potential for exponential growth.
It appears that Dogecoin, the meme coin, might be stabilizing around the $0.4 mark. In fact, over the past five days, the Dogecoin value has fallen below $0.4 and even dipped to a low of $0.343. This recent price trend of Dogecoin is likely to spark questions about whether it may have already peaked in this bull run cycle.
On the other hand, not everyone shares this line of thinking. Based on the technical analysis put forth by cryptocurrency analyst Kevin (@Kev_Capital_TA), the current price of Dogecoin is still far from its peak during this market cycle.
Where Is Dogecoin Price Top This Cycle?
As an analyst, I’ve observed a noticeable deceleration in the Dogecoin price surge since it peaked at a three-year high of $0.4265 on November 13. Yet, using a captivating technical indicator, Kevin has pointed out that the Dogecoin price could potentially soar even further. His analysis indicates that we might see DOGE‘s price top for this cycle climbing as high as $3.9, which would represent a fourfold increase over its current all-time highs.
Kevin’s predictions largely depend on a distinctive approach towards the Pi Cycle Tops indicator, an instrument typically employed for Bitcoin analysis but has shown unexpected precision in following Dogecoin price fluctuations during each cycle. He clarifies that this tool, which amalgamates two moving averages with the Monthly Relative Strength Index (RSI), has successfully forecasted Dogecoin’s price peaks and troughs throughout the years. Notably, the weekly candlestick chart of Dogecoin prices presented alongside his analysis demonstrates that the Pi Cycle accurately predicted Dogecoin’s cycle tops and bottoms in 2018 and 2021.
The expert noticed that while the trends of Dogecoin’s Pi Cycle tops moving averages align, they haven’t yet crossed. This implies that there’s potentially a lot more growth in Dogecoin before it reaches its expected maximum point.
Dogecoin Price Top At $3.9: What It Means
Kevin’s predicted price top of $3.9 is derived from the 1.618 Fibonacci extension level when projected from this cycle’s Pi Cycle low. This approach mirrors historical Dogecoin price performance, where previous cycle tops in 2018 and 2021 coincided with the same Fibonacci extension level from their respective Pi Cycle lows. The analyst further highlighted intermediate price ranges to monitor, including $0.9 to $1.3 and $2.3 to $2.7, as milestones on the way to the predicted cycle peak.
If Dogecoin’s price were to reach $3.90, its market capitalization would be approximately $572 billion, given its present total circulating supply of 146.86 billion DOGE coins. Such a massive market cap could potentially position Dogecoin above Ethereum in terms of market rankings, implying that Ethereum’s price may not increase at the same rate as Dogecoin’s.
As I pen this, Dogecoin is currently exchanging hands at approximately $0.389. Over the past 24 hours, it has seen a 3.5% growth. However, over a seven-day period, there’s been a decline of 5.2%. Interestingly, if we manage to reach the predicted price target of $3.9 for Dogecoin, that would equate to a staggering increase of 902% from its current value.
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2024-11-20 06:11