- Crypto analyst Javon Marks has released a bullish prediction for Dogecoin’s price in the current bull market.
- He bases this prediction on historical data from Dogecoin’s previous market cycles.
- An impressive gain of up to 21,700% is forecasted, potentially driving the price to $17 per DOGE.
Discover the potential for Dogecoin in the latest bull cycle, as analysts predict substantial gains based on historical trends and technical analysis.
Dogecoin Anticipated to Reach $17 in Today’s Bull Market
Marks shared a compelling chart on his X (formerly Twitter) platform, predicting that Dogecoin could see a 21,700% increase, propelling its price to $17. This prediction is based on Dogecoin’s historical breakout patterns, where each bull market has led to larger gains. For instance, during the 2017 bull market, Dogecoin increased by over 7,100%, and by 22,800% in the 2021 bull market. Marks argues that a similar, if not greater, performance can be expected in the current cycle.
Market Cap Concerns
However, some skeptics argue that reaching $17 per DOGE might be unrealistic considering its current circulating supply. Achieving such a price would elevate Dogecoin’s market cap to over $2 trillion, raising questions about whether the crypto market can support such a valuation.
Alternative Bullish Forecasts
Alternative bullish predictions have also been made by other analysts. Kevin (formerly Yomi OG) projects that Dogecoin could rise to over $3 in this market cycle, using the 1.1618 FIB level from historical high-to-low measurements as a benchmark. According to Kevin, this FIB extension suggests a potential rise to $3.80 for Dogecoin in the current market conditions.
Further Positive Outlooks for DOGE
Kevin further elaborates that Dogecoin is exhibiting strong bullish divergence on the weekly Stoch RSI (Relative Strength Index), forming a higher low, which historically indicates impending upward moves. He notes that Dogecoin has previously crossed bullish at similar price levels and expects substantial price action soon.
Dogecoin’s Potential to Outperform Bitcoin
Another analyst, Crypto Kaleo, has predicted that Dogecoin could outperform Bitcoin in this bull market cycle. He argues that the current market can be described as a “meme supercycle,” where top meme cryptocurrencies like Dogecoin could see significant gains. This assertion is backed by claims that Dogecoin is poised for a parabolic move upwards.
Conclusion
In summary, while substantial bullish predictions for Dogecoin do exist, they come with their share of skepticism due to market cap considerations. Varied analyst perspectives suggest a potentially significant rise but with more conservative figures compared to the tenfold increase predicted by some. Investors should consider these insights carefully, along with the underlying data and technical indicators, when making informed decisions in the volatile crypto market.
