Analyst Says Dogecoin Has Entered Another Bull Cycle, Puts Price Above $20
cryptocurrency analyst Javon Marks provides a bullish outlook for Dogecoin, suggesting that the most important meme coin has entered another bull market phase. The analyst also predicted how high the most important meme coin could rise during this bull run phase.
Dogecoin enters new bull market cycle and will rise above $20
in a X postsJavon Marks predicts Dogecoin could rally above $20 as it appears to be in another phase bull market cycle. The cryptocurrency analyst made this ambitious prediction while noting that DOGE has recorded bigger runs in each successive cycle.
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Therefore, Marks asserted that if history repeats itself, the price of Dogecoin could increase 60 times or more and rebound to over $20. The chart he attached shows that DOGE grew 90x and 306x in 2017 and 2017, respectively. 2021 bull marketrespectively. The chart also shows that DOGE is at a stage where it could form a God Candle, which would take it to the $20 target.
Other cryptocurrency analysts such as Dima James have also predicted that Dogecoin could reach double digits during this bull cycle. James also pointed to historical trends to explain why the most important meme coin has been able to reach such great heights. Meanwhile, analysts Ari Martinez once predicted If DOGE reaches the 2.272 Fibonacci level this cycle, it could reach $23.
However, in the short term, the focus will undoubtedly be on Dogecoin reaching its current all-time high (ATH) of $0.73 before rallying to new highs. cryptocurrency analyst Master Kenobi’s Prophecy DOGE may bounce back to ATH soon as it looks to break out of the symmetrical triangle. The cryptocurrency analyst also cited Donald Trump’s January 20 inauguration as a possible catalyst that could trigger a price breakout.
Expected price increase
In X post, crypto analyst Kevin Capital He asserted that as long as Dogecoin price is above $0.26 and trading in a bullish descending channel, he highlighted this in the accompanying chart. The analyst added that if DOGE breaks out, this bullish pattern has a moving target of $1.30.
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The price of Dogecoin has plummeted recently along with the broader crypto market. However, these analyzes suggest that the most important meme coin still has more room to rise. In fact, cryptocurrency analysts tardigrade merchant Suggesting that a bullish reversal may occur sooner than expected.
In an X post, the analyst revealed that Dogecoin is breaking out of a double bottom on the 4-hour chart. The attached chart shows that DOGE may first rebound to $0.36 before possibly regaining Psychological $0.40 level.
Dogecoin price is reportedly around $0.34 at the time of writing, up nearly 5% in the past 24 hours data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
