There have been conversations regarding Dogecoin’s possible peaks in this cycle due to its bullish trajectory. Some people think DOGE might hit $3, but cryptocurrency analyst Kevin Capital has a more cautious prediction.
In a recent post on X (formerly Twitter), Capital noted that Dogecoin has historically reached its “macro golden pocket” level at the 1.618 Fibonacci extension in previous cycles. For this market cycle, that golden pocket sits at $3.90, though he believes it’s an unlikely target.
The last time #Dogecoin saw a weekly Golden Cross was 4 years ago. When the Golden Cross completed we saw 3 weeks of dip/consolidation before we went on to make a cycle top 119 days after the cross. If we follow anything near to last cycle then we should expect something similar… pic.twitter.com/gRwQrcC0lL
— Kevin (@Kev_Capital_TA) November 9, 2024
A more reasonable peak, according to Capital, would be around $1.80, depending on how well Bitcoin performs.
Capital did point out an impending “Golden Cross” on the weekly chart, a bullish technical indicator that has not been seen in four years, despite his misgivings regarding $3. Should history repeat itself, DOGE might experience a short period of cooling off before a parabolic rally that begins in December and lasts until the spring of 2025.
- Macro Golden Pocket: $3.90 (unlikely)
- Alternative Target: $1.80 (depending on BTC performance)
- Golden Cross Indicator: Could signal a rally by December 2024
Why a $10 Target is Entering the Conversation
Dima James, another analyst, sees even more potential for a $3 rally, while Kevin Capital downplays its likelihood. James claims that a parabolic move reminiscent of past bull runs could be triggered if DOGE’s weekly chart closes above $0.18. Dogecoin experienced enormous rallies in the 2016 and 2021 cycles, rising 8,000% and 18,000%, respectively.
James thinks that if adoption and technology developments keep driving demand, there may be a similar spike that could push Dogecoin to the $10 mark.
He underlined that past trends show DOGE’s momentum frequently increases following the weekly chart’s “green and red lines” crossing, a pattern that is presently taking shape. James contends that a significant rally might ensue if this move were to come to pass.
- Parabolic Trigger: Weekly close above $0.18
- Historical Rally Gains: 8,000% (2016) and 18,000% (2021)
- Potential Price Target: Up to $10 (depending on adoption)
Technical Analysis: Current Price Action Signals Uptrend
On the 4-hour chart, Dogecoin is currently trading at $0.2281, continuing its upward trend within a bullish channel. Consolidation above this level supports the possibility of further gains, and the breakout above $0.2192 now acts as a pivot point.
If the bullish momentum continues, the immediate resistance levels are $0.2437 and $0.2570. The overbought conditions indicated by the RSI of 74 may cause a brief decline prior to the subsequent leg up. A strong support base is provided by the 50-day EMA at $0.189.
📈 Dogecoin Technical Analysis: Bullish trend continues as $DOGE trades at $0.2281! Key pivot at $0.2192, with resistance at $0.2437 & $0.2570. RSI at 74 suggests a potential short-term pullback. Keep an eye on the setup for continued gains! #Dogecoin #Crypto #TechnicalAnalysis pic.twitter.com/oeCNL31pX9
— Arslan Ali (@forex_arslan) November 10, 2024
With technical indicators aligning with the broader positive sentiment, the current setup favors buying above the $0.2192 pivot, supporting a bullish outlook.
- Immediate Resistance Levels: $0.2437 and $0.2570
- Pivot Level Support: $0.2192
- Technical Indicators: RSI at 74.65, signaling potential consolidation
Divergent expectations within the crypto community are demonstrated by Dogecoin’s upward movement and the analyses provided by Capital and James.
The road to these milestones is still speculative and greatly impacted by market trends, adoption, and larger crypto developments, even though some see $3 or even $10 as potential targets. Investors in DOGE will keep a careful eye on these technical levels and historical trends as the cycle progresses in order to get hints about what might come next.
Flockerz Presale Surpasses $1.30M: Last Hours Before Price Increase
Thanks to its innovative “vote-to-earn” model that empowers its community, Flockerz ($FLOCK) is becoming more and more popular in the meme coin space. Interest in the project is still growing quickly, as evidenced by the impressive $1,370,988 raised during its presale out of a target of $1,630,831.
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