Analyst Predicts Rapid Dogecoin Surge To $1: The Timing May Surprise You
November 19 2024 - 8:00AM
NEWSBTC
Crypto analyst Kevin (@Kev_Capital_TA) is projecting a significant
surge for the Dogecoin price, anticipating it to reach between $1
and $2 by the end of December or early January. This bullish
forecast comes amid skepticism about the current breakout patterns
observed in the memecoin. One Last Dip For Dogecoin Price Before
$1? Over the past week, from November 12 to 19, Dogecoin formed a
falling wedge—a pattern often considered bullish—on the lower
timeframes. On November 19, the crypto asset broke out of this
formation, prompting some optimism among traders. However, Kevin
remains unconvinced about the strength of this move. “This weird
little breakout on Dogecoin of this suspect bull flag looks very
weak to me,” he stated via X. “Tracking the money flow on smaller
time frames and smart investors are not convinced either. If money
flow remains stagnant, then my base case of further
correction/consolidation becomes more likely. Which, by the way, is
more bullish if we just head straight up from here.” Related
Reading: How Low Can Dogecoin Go Before Rallying Again? Expert
Forecast When asked by an X user whether Dogecoin would surpass
$0.40 by mid-December, Kevin responded confidently: “I think we’re
at $1-$2 by end of December beginning of January.” Despite his
bullish long-term outlook, Kevin still expects continued short-term
correction for the Dogecoin price. He cautioned that “a lot of
people will be wiped out if this occurs.” He elaborated on his
price targets: “My first price target and a level we will want to
hold for Dogecoin is the $0.30-$0.26 cent range, which is the
golden pocket retrace levels. That’s a 30-40% correction from the
local top, which in a bull market is a perfect size correction.”
Over the long-term, Kevin foresees much higher price levels. In an
analysis leveraging the Pi Cycle Tops Indicator—a tool
traditionally applied to Bitcoin—crypto analyst Kevin recently shed
light on Dogecoin’s long-term potential market trajectory. The
indicator, crucial for pinpointing cycle highs and lows, relies on
the crossing of two specific moving averages to signal significant
market shifts. The shorter-term moving average (MA) which typically
considers the last 111 days of price data. The longer-term MA which
averages the last 350 days but multiplies it by two. The
indicator’s principle is based on the theory that when these two
MAs cross, a potential peak in the market price is imminent,
suggesting a sell-off point before a downturn. It’s historically
been used in Bitcoin analysis but, as Kevin demonstrates, it can
also apply effectively to Dogecoin. Related Reading: Dogecoin Large
Transactions Surge 41% With 35% Uptick In Daily Addresses, Will
Price Follow? Kevin’s chart covers several years of the Dogecoin
price action, clearly marking past cycle highs and lows where the
Pi Cycle Indicator has been accurate. Past cycle highs are circled
in the chart during January 2018 and May 2021, which coincide with
the crossover of the two MAs and corresponding peaks in price. The
current price movement shows a significant upward trajectory, and
while the two MAs are converging, they have yet to cross. The chart
plots a 1.618 Fibonacci extension level at around $4.00. Kevin
writes: “One of my secret indicators for Dogecoin that is
traditionally only supposed to work for #BTC is the Pi Cycle tops
indicator. It has accurately called every DOGE cycle top and bottom
over each of its cycles. When the two moving averages cross along
with Monthly RSI being at a certain level that’s when I plan on
taking significant portions out of the market. As you can see while
the moving averages are now heading in the same direction to
eventually cross we’re still not very close to crossing indicating
we have a lot higher to go first.” At press time, DOGE traded at
$0.38. Featured image created with DALL.E, chart from
TradingView.com
Optimism (COIN:OPUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024