Meme Dogecoin looks the same Starting to unify Just below the $0.4 price level. In particular, Dogecoin price has traded below $0.4 in the past five days, reaching a low of $0.343. Unsurprisingly, this price performance of DOGE leads to the idea of whether or not it is It has already reached its highest price This Taurus cycle.
However, not every market participant It agrees with this thought process. According to technical analysis from cryptocurrency analyst Kevin (@Kev_Capital_TA), Dogecoin price is not close to its highest level of this cycle currently.
Where does Dogecoin price lead this cycle?
the Dogecoin prices rise It has slowed since hitting a three-year high of $0.4265 on November 13. However, with the help of an interesting technical indicator, Kevin highlighted that Dogecoin price still has a lot of room to rise. His analysis suggests that the highest price for DOGE this cycle could reach $3.9, a level that would effectively quadruple its current all-time highs.
Kevin Climate prediction It relies heavily on a unique implementation of the Pi Cycle Tops indicator, a tool traditionally used for Bitcoin, but which, he notes, has proven surprisingly accurate at tracking Dogecoin’s price behavior in each cycle. He explains that the indicator, which combines two moving averages and the monthly Relative Strength Index (RSI), has accurately predicted the highs and lows of Dogecoin’s price over the years. In particular, the Dogecoin weekly candlestick price chart accompanying these predictions shows that Pi Cycle accurately predicted the highs and lows of the Dogecoin cycle in 2018 and 2021.
The analyst noted that although the moving averages in Dogecoin’s Pi Cycle Tops indicator are trending in the same direction, they are still far from crossing over. This indicates that Dogecoin has plenty of room for upward movement before reaching the expected peak.
Dogecoin highest price at $3.9: what does it mean
Kevin’s projected high of $3.9 is derived from the 1.618 Fibonacci extension level when projected from the Pi cycle low for this cycle. This approach reflects Dogecoin’s historical price performance, where previous cycle highs in 2018 and 2021 coincided with the same Fibonacci extension level from its Pi cycle lows. The analyst also highlighted intermediate price ranges to watch, including $0.9 to $1.3 and $2.3 to $2.7, as key milestones on the path to the expected cycle peak.
The price of Dogecoin is $3.9 It would put its market cap at around $572 billion, taking into account the current total circulating supply of 146.86 billion DOGE tokens. Such a huge market capitalization would see Dogecoin surpass even Ethereum in market cap rankings, indicating that the latter’s price is not growing at the same pace as the former.
At the time of writing, Dogecoin is trading at $0.389, up 3.5% on a 24-hour time frame, and down 5.2% on a seven-day time frame. Achieving Dogecoin’s price target of $3.9 would represent an upside of 902% from the current price.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.