Crypto analyst Kevin (previously OG Yomi) has prompt that Dogecoin (DOGE) may report a 2,500% rally on this bull cycle. As a part of his evaluation, he highlighted key worth targets that the meme coin may attain on this bull run.
Why Dogecoin May Rally Above $3
Kevin defined in an X (previously Twitter) put up that the foremost meme coin has by no means did not “meet or surpass the 1.618 Macro FIB extension measured from earlier bull market highs to bear market lows. He additional revealed that the present 1.1618 FIB on DOGE’s chart is at $3.80, which signifies that it may meet and surpass this worth stage.
The crypto analyst admitted that it might be harder for Dogecoin to realize such heights on this bull run than in earlier cycles “because of the market cap and capital saturation,” with extra meme cash now out there. Nevertheless, he famous that it stays a potential consequence primarily based on Dogecoin’s historic efficiency.
Primarily based on this historic efficiency, Kevin additionally outlined $0.95 and $1.35 as different “notable” worth targets the meme coin may rise to even when it doesn’t rally to $3. Kevin’s evaluation paints a extra bullish outlook for Dogecoin, with a number of different crypto analysts already predicting it may rise to $1 in some unspecified time in the future on this cycle.
Kevin is a type of who’ve remained bullish on Dogecoin regardless of its current worth efficiency. He prompt that the meme coin will quickly overcome this downtrend whereas stating that it nonetheless has “a number of weeks of upward worth motion away from reaching this bull market milestone.”
The crypto analyst additionally not too long ago remarked that Dogecoin reaching a month-to-month shut above $0.16 is required to verify its bullish continuation. In accordance with him, a detailed above that stage “would affirm an ideal retest of the earlier bear market accumulation vary” and set the “month-to-month momentum strongly for extra upside.”
Whole crypto market cap presently at $2.2 trillion. Chart: TradingView
A Totally different View On Dogecoin’s Value Motion
Pav Hundal, lead analyst for Australian change Swyftx, not too long ago warned that Dogecoin won’t find yourself hitting $1 as many envisage. He defined that the meme coin could face important promoting stress on its technique to that worth stage from crypto traders who purchased DOGE on the peak of the final market cycle when it hit an all-time excessive (ATH) of $0.73.
These traders could also be seeking to break even as soon as Dogecoin hits a brand new ATH, which may derail its rise to $1. Like Kevin, Hundal additionally alluded to the saturation within the meme coin market and the way Dogecoin won’t command the identical curiosity it did in earlier cycles.
On the time of writing, Dogecoin is buying and selling at round $0.145, down over 3% within the final 24 hours, in accordance with knowledge from CoinMarketCap.
Featured picture from Pexels, chart from TradingView
