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Cryptographic analyzer Javon Marks It provided a bullish outlook for Dogecoin, indicating that the premier memecoin has entered another bullish phase. The analyst also predicted how high the first meme coin could rise in this bullish phase.
Dogecoin rises above $20 as it enters a new bull cycle
in Share XJavon Marks predicts Dogecoin will rise above $20, as it appears elsewhere Taurus cycle. The cryptocurrency analyst made this ambitious prediction while noting that DOGE has recorded larger runs in each successive cycle.
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As such, Marks asserted that Dogecoin could see a price increase of 60x or more from here and rise above $20 if history repeats itself. The accompanying chart showed that DOGE recorded increases of 90x and 306x in 2017 and 2017. 2021 bull runrespectively. The chart also showed that DOGE is at a point where it could form a God candle that would set it up to reach the $20 target.
Other cryptocurrency analysts like Dima James also expect Dogecoin to reach double digits in this bull cycle. James also alluded to historical trends to explain why the first memecoin reached such heights. Meanwhile, the analyst Ali Martinez once prophesied DOGE price could reach $23 if it reaches the 2.272 Fibonacci level in this cycle.
However, in the short term, the focus will undoubtedly be on Dogecoin reaching an all-time high (ATH) of $0.73 and then rising to new highs. Cryptographic analyzer Master Kenobi predicted DOGE could soon rise to ATH as it looks to breakout from a symmetrical triangle. The cryptocurrency analyst also hinted at the inauguration of Donald Trump on January 20 as a catalyst that could lead to this price breakout.
Prices are expected to rise
Posted by X, Cryptocurrency Analyst Kevin Capital He emphasized that prices are expected to rise as long as Dogecoin’s price is above $0.26 and is trading in an upward bearish channel, which he highlighted in the accompanying chart. The analyst added that the measured movement target for this upside pattern is $1.30 in the event of a DOGE breakout.
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The price of Dogecoin has recently collapsed along with the broader cryptocurrency market. However, these analyzes suggest that there is still more room for the major currency to rise to the upside. In fact, a cryptanalyst Slow growing trader He noted that a bullish reversal may occur sooner than expected.
In X’s post, the analyst revealed that Dogecoin is breaking through the double bottom on the four-hour chart. The accompanying chart showed that DOGE could first rebound to $0.36 and then possibly regain the level Psychological level $0.40.
At the time of writing, Dogecoin price is trading at around $0.34, up approximately 5% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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