Dogecoin To $1? The Timing May Surprise You, Says Analyst
Cryptocurrency analyst Kevin (@Kev_Capital_TA) expects Dogecoin price to rise significantly, predicting it will reach $1 to $2 by the end of December or early January. This bullish prediction comes amid skepticism about the meme coin’s current breakout pattern.
Is the last time Dogecoin price fell before it dropped to $1?
Over the past week, November 12-19, Dogecoin falling wedge– This pattern is generally considered bullish – on the lower time frames. The crypto asset broke out of this formation on November 19, sparking some optimism among traders. However, Kevin remains skeptical about the intensity of the move.
“This weird little breakout of a questionable bull flag on Dogecoin looks very weak to me,” he point out via X. “Tracking money flows on smaller time frames, smart investors don’t believe it either. If money flows remain stagnant, then there is a greater chance of further correction/consolidation in my base case. By the way, if we go directly from Starting here is more optimistic.”
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When an
Despite his bullish long-term outlook, Kevin still expects Dogecoin prices to continue to undergo short-term corrections. “If that happens, a lot of people will be wiped out,” he warned.
He elaborated on his price targets: “My first price target and the level we would like Dogecoin to hold at is the $0.30-0.26 USD cent range, which is the gold pocket retracement level. This is relative to the local top 30-40% correction, which is bull market It’s the perfect size correction. “
In the long term, Kevin expects price levels to be higher. In an analysis utilizing the Pi Cycle Top indicator, a tool traditionally applied to Bitcoin, crypto analyst Kevin recently shed light on the situation for Dogecoin Long-term addressable market trajectory. This indicator is critical for identifying cycle highs and lows, relying on the intersection of two specific moving averages to signal major market changes.
A short-term moving average (MA), which typically considers the past 111 days of price data. The long-term MA is the average of the past 350 days, but multiplied by two. The indicator works on the theory that a potential peak in market price is imminent when these two moving averages cross, indicating a selling point before a downturn. It has historically been used for Bitcoin analysis, but as Kevin demonstrated, it can be effectively applied to Dogecoin as well.
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Kevin’s chart covers several years of Dogecoin’s price action, clearly marking the Pi Cycle indicator’s accurate past cycle highs and lows. Past cycle highs between January 2018 and May 2021 are circled on the chart, which coincide with the intersection of the two moving averages and corresponding price peaks.
The current price action shows a significant upward trajectory, and while the two moving averages are converging, they have not yet crossed. The chart plots the 1.618 Fibonacci extension level, located around $4.00.
Kevin wrote: “One of my secret indicators for Dogecoin is the Pi Cycle Top indicator, traditionally only available for #BTC. It accurately calls each DOGE cycle its top and bottom of each cycle. When two When the moving averages cross and the monthly RSI reaches a certain level, I plan to take most of my money out of the market. As you can see, while the moving averages are now heading in the same direction to finally cross, we’re still not quite there. It’s close to a crossover, which suggests we need to go higher first.”
At press time, DOGE was trading at $0.38.
Featured image created using DALL.E, chart from TradingView.com
