2024-4-27 19:30 |
Crypto analyst Kevin (formerly OG Yomi) has suggested that Dogecoin (DOGE) could record a 2,500% rally in this bull cycle. As part of his analysis, he highlighted key price targets that the meme coin could attain in this bull run.
Why Dogecoin Could Rally Above $3Kevin explained in an X (formerly Twitter) post that the foremost meme coin has never failed to “meet or surpass the 1.618 Macro FIB extension measured from previous bull market highs to bear market lows. He further revealed that the current 1.1618 FIB on DOGE’s chart is at $3.80, which means that it could meet and surpass this price level.
The crypto analyst admitted that it could be more difficult for Dogecoin to attain such heights in this bull run than in previous cycles “due to the market cap and capital saturation,” with more meme coins now in the market. However, he noted that it remains a possible outcome based on Dogecoin’s historical performance.
Based on this historical performance, Kevin also outlined $0.95 and $1.35 as other “notable” price targets the meme coin could rise to even if it doesn’t rally to $3. Kevin’s analysis paints a more bullish outlook for Dogecoin, with several other crypto analysts already predicting it could rise to $1 at some point in this cycle.
Kevin is one of those who have remained bullish on Dogecoin despite its recent price performance. He suggested that the meme coin will soon overcome this downtrend while stating that it still has “multiple weeks of upward price action away from achieving this bull market milestone.”
The crypto analyst also recently remarked that Dogecoin achieving a monthly close above $0.16 is needed to confirm its bullish continuation. According to him, a close above that level “would confirm a perfect retest of the previous bear market accumulation range” and set the “monthly momentum strongly for more upside.”
A Different View On Dogecoin’s Price ActionPav Hundal, lead analyst for Australian exchange Swyftx, recently warned that Dogecoin might not end up hitting $1 as many envisage. He explained that the meme coin may face significant selling pressure on its way to that price level from crypto investors who bought DOGE at the peak of the last market cycle when it hit an all-time high (ATH) of $0.73.
These investors may be looking to break even once Dogecoin hits a new ATH, which could derail its rise to $1. Like Kevin, Hundal also alluded to the saturation in the meme coin market and how Dogecoin might not command the same interest it did in previous cycles.
At the time of writing, Dogecoin is trading at around $0.145, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
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