Crypto analyst Kevin (previously OG Yomi) has advised that Dogecoin (DOGE) might file a 2,500% rally on this bull cycle. As a part of his evaluation, he highlighted key worth targets that the meme coin might 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 didn’t “meet or surpass the 1.618 Macro FIB extension measured from previous 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 might meet and surpass this worth degree.
The crypto analyst admitted that it could possibly be tougher for Dogecoin to realize such heights on this bull run than in earlier cycles “due to the market cap and capital saturation,” with extra meme cash now out there. Nevertheless, he famous that it stays a doable end result based mostly 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 might 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 might 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 suggested that the meme coin will quickly overcome this downtrend whereas stating that it nonetheless has “multiple weeks of upward price action away from achieving this bull market milestone.”
The crypto analyst additionally recently remarked that Dogecoin attaining a month-to-month shut above $0.16 is required to substantiate its bullish continuation. In keeping with him, an in depth above that degree “would confirm a perfect retest of the previous bear market accumulation range” and set the “monthly momentum strongly for more upside.”
Complete crypto market cap presently at $2.2 trillion. Chart: TradingView
A Completely different View On Dogecoin’s Worth Motion
Pav Hundal, lead analyst for Australian trade Swyftx, recently warned that Dogecoin may not find yourself hitting $1 as many envisage. He defined that the meme coin might face important selling pressure on its technique to that worth degree from crypto buyers who purchased DOGE on the peak of the final market cycle when it hit an all-time excessive (ATH) of $0.73.
These buyers could also be seeking to break even as soon as Dogecoin hits a brand new ATH, which might derail its rise to $1. Like Kevin, Hundal additionally alluded to the saturation within the meme coin market and the way Dogecoin may not 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, based on data from CoinMarketCap.
Featured picture from Pexels, chart from TradingView
