Meme coin Dogecoin looks like it’s beginning to consolidate just under the $0.4 value stage. Significantly, the Dogecoin value has traded beneath $0.4 within the final 5 days, reaching a low of $0.343. This DOGE value efficiency is unsurprisingly going to result in the notion of whether or not it has already reached its value prime this bull cycle.
Nevertheless, not each market participant agrees with this thought course of. In response to technical evaluation from crypto analyst Kevin (@Kev_Capital_TA), the Dogecoin value is at the moment nowhere close to its prime this cycle.
The place Is Dogecoin Worth Prime This Cycle?
The Dogecoin value rally has slowed down because it reached a three-year excessive of $0.4265 on November 13. Nevertheless, with assistance from an intriguing technical indicator, Kevin highlighted that the Dogecoin value nonetheless has numerous room to run. His evaluation means that DOGE’s value prime for this cycle may attain $3.9, a stage that might successfully quadruple its present all-time highs.
Kevin’s forecast depends closely on a singular software of the Pi Cycle tops indicator, a instrument historically used for Bitcoin however, as he notes, has confirmed surprisingly correct in monitoring the Dogecoin value habits each cycle. He explains that the indicator, which mixes two shifting averages with the Month-to-month Relative Energy Index (RSI), has precisely predicted the Dogecoin value tops and bottoms through the years. Significantly, the weekly candlestick Dogecoin value chart that accompanied this outlook reveals that the Pi Cycle precisely predicted Dogecoin’s cycle tops and bottoms in 2018 and 2021.
The analyst noticed that though the shifting averages in Dogecoin’s Pi Cycle tops indicator are heading in the identical path, they’re nonetheless removed from crossing. This implies that Dogecoin has substantial room for upward motion earlier than reaching the anticipated peak.
Dogecoin Worth Prime At $3.9: What It Means
Kevin’s predicted value prime of $3.9 is derived from the 1.618 Fibonacci extension stage when projected from this cycle’s Pi Cycle low. This strategy mirrors historic Dogecoin value efficiency, the place earlier cycle tops in 2018 and 2021 coincided with the identical Fibonacci extension stage from their respective Pi Cycle lows. The analyst additional highlighted intermediate value ranges to observe, together with $0.9 to $1.3 and $2.3 to $2.7, as milestones on the way in which to the expected cycle peak.
A $3.9 Dogecoin value would put its market cap round $572 billion, contemplating its present complete circulating provide of 146.86 billion DOGE tokens. Such an enormous market cap would see Dogecoin overtaking even Ethereum in market cap rankings, suggesting the latter value doesn’t develop on the similar tempo as the previous.
On the time of writing, Dogecoin is buying and selling at $0.389, up by 3.5% in a 24-hour timeframe and down by 5.2% in a seven-day timeframe. Attaining the $3.9 Dogecoin value goal would symbolize a 902% enhance from the present value.
Featured picture created with Dall.E, chart from Tradingview.com
