Dogecoin Price Rally Not Over Despite 10% Correction, Analyst Says

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As a seasoned crypto investor with over a decade of experience in this rollercoaster ride we call the digital asset market, I find myself intrigued by the recent analysis of Dogecoin (DOGE) by Ali Martinez and Master Kenobi. Their predictions suggest that the Dogecoin rally is far from over, and as someone who has seen many cryptocurrencies rise and fall, I can’t help but feel a sense of cautious optimism.

After surging more than 70% during the past week, the price of Dogecoin has experienced a 10% drop. However, despite this recent correction, crypto analyst Ali Martinez maintains that the Dogecoin rally is not finished yet, and he shares his reasons for thinking so.

Why The Dogecoin Price Rally Isn’t Over

In a recent post on X, Ali Martinez shared some insight regarding the Market Value to Realized Value (MVRV) of Dogecoin. Historically, when this figure surpasses 78%, it suggests that the peak in Dogecoin prices has been reached. However, at present, the MVRV stands at 45.65%, a reduction from its previous level which indicates that the popular meme coin may still have potential for further price increases.

A previous post by an analyst indicated that the surge in Dogecoin prices might continue beyond the current point. The analyst projected that Dogecoin could potentially reach $2.40 and even climb higher to $18, given that it tests the midpoint or upper section of a specified price range, also known as a boundary channel.

Meanwhile, Master Kenobi correctly foresaw the Dogecoin price surge and believes that the rally isn’t finished yet. He anticipates that the Dogecoin value will fluctuate between approximately $0.33 and $0.40 for a short period before reaching its current record high ($0.73). This stability phase is predicted to last around two weeks, followed by another attempt to reach the present all-time high.

More recently in a post by Master Kenobi, he expressed his hope for a temporary halt in the Dogecoin price surge, primarily to verify a pattern seen in the past cycle. He noted that such a pause would coincide with the market’s broader timing. Following this brief pause, it is likely that Dogecoin could effortlessly reach its $1 goal. Previously, the analyst had proposed that $1 might not be the peak for the Dogecoin price; instead, it could surge to $2 and potentially beyond.

How Low Can DOGE Go Before The Next Leg Up?

According to Kevin Capital’s self-proclaimed Dogecoin lead analyst, it’s expected that the price of Dogecoin could decrease to a range of around $0.26 to $0.28 before experiencing another surge and surpassing its current all-time high (ATH). This prediction is based on the fact that the daily Relative Strength Index (RSI) has reached 94 again, which indicates a strong market momentum, and also because the price action has touched the 0.786 Fibonacci level. In the short term, this analyst believes that a correction towards these targets is most probable.

He also mentioned a scenario where the Dogecoin price could rally higher if the Bitcoin price rises to between $94,000 and $95,000 in the short term. However, he still believes there will be a bigger correction before heading higher. He added that the RSI needs to cool off badly. 

Currently, as I’m typing this, the value of Dogecoin is approximately $0.36 per coin. In the past 24 hours, it has dropped by more than 10%. This information is based on data provided by CoinMarketCap.

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2024-11-13 15:41