Kevin, a crypto analyst formerly known as OG Yomi, has proposed the possibility of Dogecoin (DOGE) experiencing a 2,500% surge during this bullish cycle. In his assessment, he outlined specific price milestones that the meme-based cryptocurrency could potentially achieve in the current upward trend.
In a recent post on X (previously known as Twitter), Kevin detailed how the leading meme coin consistently adheres to or exceeds the 1.618 Macro FIB extension, calculated from past bull market peaks to bear market troughs. He elaborated that the present 1.1618 FIB level on DOGE’s chart sits at $3.80, indicating potential for DOGE to reach and exceed this price point.
The crypto analyst acknowledged the potential challenges for Dogecoin to reach similar peaks in this current bullish phase compared to past cycles, citing increased market cap and capital saturation, compounded by the proliferation of meme coins. Nonetheless, the analyst highlighted that such an achievement remains within the realm of possibility, drawing upon Dogecoin’s track record.
However, Drawing from its historical performance, Kevin also identified $0.95 and $1.35 as additional noteworthy price targets that the meme coin could potentially achieve, even in the absence of reaching $3. Kevin’s analysis presents a more optimistic perspective for Dogecoin, aligning with the forecasts of several other cryptocurrency analysts who anticipate its ascent to $1 during this market cycle.
Kevin Holds Ground Amid Dogecoin Dips
Despite recent price dips, Kevin stands firm in his bullish outlook on Dogecoin. He predicts the meme coin will shake off its current downtrend, emphasizing it’s just ‘multiple weeks of upward price action away’ from reaching a significant bull market milestone.
Cryptocurrency experts emphasize Dogecoin’s bullish potential. However, they stress that closing above $0.16 monthly is crucial for validating this upward trend. Surpassing this threshold would strongly indicate continued growth.
The senior analyst for the Australian exchange Swyftx, Pav Hundal, recently issued a warning that Dogecoin may not reach $1 as many had anticipated. He clarified that cryptocurrency investors who purchased DOGE at the height of the previous market cycle, when it reached its all-time high (ATH) of $0.73, would exert strong selling pressure on the meme coin when it approaches that price point.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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