Dogecoin Eyes Parabolic Rally To Price Discovery, Is The 16,000% Surge From 2020 Possible This Time?

Dogecoin price is once again eyeing a parabolic rally that will put the meme coin into price discovery and send it to new highs this market cycle. Cryptographic analyzer micpool encryption He noted that Dogecoin price could repeat its 16,000% rally from 2020 when it enters price discovery.

Dogecoin looks to a parabolic rise for price discovery

In X’s post, Mikybull Crypto mentioned that DOGE’s massive parabolic spike for price discovery is loading. The analyst noted that getting into price discovery is interesting, as the price of Dogecoin rose more than 16,000% in 2020 when it broke above the Relative Strength Index (RSI) 70 levels.

In line with this, Mikybull Crypto stated that the $1 to $3 range remains a target for Dogecoin price in That’s bull run. The analyst also recently suggested that DOGE could rise to $4 based on the alignment of Fibonacci levels with DOGE’s performance after the recent golden cross.

Cryptographic analyzer Master Kenobi I also recently reported that the price of Dogecoin may rise to $2 this market cycle. He believes this will happen through rapid influx of capital and market madness. Interestingly, the analyst made this prediction while raising the possibility of DOGE upending Solana and BNB to become the third largest cryptocurrency by market cap.

Meanwhile, the analyst also suggested in a recent analysis that DOGE will make its way to price discovery soon enough. This came when he highlighted a 91-day sequence, which Master Kenobi indicated DOGE was 20 days away from completing. He expected DOGE to rise to a level of $1 between now and then. Specifically, he identified December 2 as a timeline in which the goal could be achieved.

Cryptocurrency analyst DJ Anas It also recently predicted that the price of Dogecoin will reach $1 by the end of the year. He made this prediction based on Fibonacci levels, which he claimed supported a rally equivalent to this target.

DOGE could see a correction first

Amidst these bullish expectations for Dogecoin price, Crypto analyst Kevin Capital DOGE suggested that it should see a correction first before it engages in price discovery. In X’s post, the analyst highlighted a symmetrical triangle and said there was a 50/50 chance of the price breaking out or breaking down.

However, he noted that he still favors a correction since the daily RSI is above 90, indicating that the meme coin is currently in the overbought zone. The analyst had expected this before Dogecoin could go down To a low of $0.26 after price correction.

At the time of writing, Dogecoin’s price is trading at around $0.39, up more than 7% over the past 24 hours, according to CoinMarketCap data.

Featured image created with Dall.E, chart from Tradingview.com