Cryptocurrency analyst Kevin (formerly OG Yomi) suggested: Dogecoin (DOGE) A 2,500% rally is possible this time. bull cycle. As part of his analysis, he highlighted the key price targets that meme coins could achieve in this bull market.
Why Dogecoin Could Rise Above $3
Kevin explained in an X (formerly Twitter) post: best meme coins It has never failed to meet or exceed the 1.618 Macro FIB extension. previous bull market Maintaining market lows at highs. He also stated that the current 1.1618 FIB on the DOGE chart is $3.80, which means that this price level could be met and surpassed.
The cryptocurrency analyst acknowledged that it may be more difficult for Dogecoin to achieve such heights in this bull market than in previous cycles “due to market cap and capital saturation” with more meme coins currently on the market. However, he noted that it is still a possible outcome based on Dogecoin’s historical performance.
Based on this historical performance, Kevin outlined $0.95 and $1.35 as other “notable” price targets that could see the meme coin rise even if it does not rise to $3. Kevin’s analysis, along with several other cryptocurrency analysts, presents a more optimistic outlook for Dogecoin. already predicting It could rise to $1 at some point in this cycle.
Kevin is one of those who remains bullish on Dogecoin despite its recent price performance. that suggested Meme Coin will soon overcome this downward trend, state “We still need several weeks of upward price action to achieve this bull market milestone.”
Cryptocurrency analysts also recently mentioned Dogecoin needs to achieve a monthly close above $0.16 to confirm its continued strength. According to him, a close above this level would “see a complete retest of the previous bear market accumulation range” and set “strong monthly momentum for further upside.”
Total crypto market cap currently at $2.2 trillion. Chart: TradingView
Different views on Dogecoin’s price action
Pav Hundal, senior analyst at Australian exchange Swyftx. Recent Alerts Dogecoin may not reach $1 as many people expect. He explained that meme coins could face a significant crisis. selling pressure It is on its way up to that price level from cryptocurrency investors who purchased DOGE at the peak of the last market cycle when DOGE reached an all-time high (ATH) of $0.73.
These investors may be looking to break even once. Dogecoin If a new ATH is reached, it may rise to $1. Like Kevin, Hundal also mentioned saturation: meme coin market And how Dogecoin may not receive the same attention as in previous cycles.
At the time of writing, Dogecoin is said to be trading around $0.145, down more than 3% in the last 24 hours. data From CoinMarketCap.
Featured image from Pexels, chart from TradingView