Crypto Analyst Says Dogecoin Could Rally 2,500%, Presents Possible Targets

Bitcoinist
Updated Apr 28, 2024 05:25
Mitrade

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 $3


Kevin 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 Action


Pav 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. 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

Do you find this article useful?
Related Articles
placeholder
How To Buy Bitcoin In Malaysia? Top 7 Best Crypto Exchanges & Trading AppsAs cryptocurrencies continue to revolutionize the global financial landscape, Malaysia has emerged as a significant player in the digital asset market. With the increasing demand for Bitcoin and other cryptocurrencies, choosing the right platform to buy and trade these digital assets becomes paramount.
Author  Mitrade
As cryptocurrencies continue to revolutionize the global financial landscape, Malaysia has emerged as a significant player in the digital asset market. With the increasing demand for Bitcoin and other cryptocurrencies, choosing the right platform to buy and trade these digital assets becomes paramount.
placeholder
Dogecoin Price Prediction: DOGE Could Hit $0.1 Soon If This Happens Dogecoin price broke out above an ascending parallel channel amid strong bullishness. DOGE could make a 15% climb to the $0.1 level amid rising momentum and strong presence by the bulls.
Author  FXStreet
Dogecoin price broke out above an ascending parallel channel amid strong bullishness. DOGE could make a 15% climb to the $0.1 level amid rising momentum and strong presence by the bulls.
placeholder
BTC Breaks through 3.5 and Stabilizes at $34,000, to Understand the Regulatory Trends in the Crypto World in OctoberBattle between Ripple, Grayscale, BlockRock and the SEC brought benefits to the Crypto. BTC reached an 18-month high of $35,000.
Author  Mitrade
Battle between Ripple, Grayscale, BlockRock and the SEC brought benefits to the Crypto. BTC reached an 18-month high of $35,000.
placeholder
Bitcoin Price Annual Forecast: BTC readies for home run in 2024 with two bullish fundamentals on tapBitcoin prices could return to 2021 highs around $69,000 in 2024 on expectations of the next bull cycle.
Author  FXStreet
Bitcoin prices could return to 2021 highs around $69,000 in 2024 on expectations of the next bull cycle.
placeholder
Dogecoin price crashes 7% hours after Elon Musk reacts to DOGE founder mocking the bears This collapse leaves Dogecoin price at risk of falling further and even losing support at $0.900.
Author  FXStreet
This collapse leaves Dogecoin price at risk of falling further and even losing support at $0.900.