Dogecoin's price has gained 10% in the past week and could be aiming for a medium-term target of $0.17 or even $0.2.
Analysts like Mags predict a parabolic rise for Dogecoin, similar to its 2021 surge—if this holds, Dogecoin will rise by 7x
Before this surge, however, Capt Toblerone predicts a 30% dip to $0.108, and then a 13x upswing.
Investors should keep an eye out for any possible dips.
Overall, at the end of this cycle, analysts seem to agree on an average price of $1 and $1.3 for DOGE
The crypto market has been through ups and downs as of late, especially considering Bitcoin's repeated attempts to break above its previous all-time high of $73,000 and Ethereum's recent spot ETF approvals last week.
Dogecoin, on the other hand, is no exception to this rollercoaster ride. And enthusiasts are closely watching its price action.
Here are some of the biggest analyst predictions on Dogecoin as of late, as well as whether the cryptocurrency is set to repeat its 2021 price action very soon.
According to data from CoinMarketCap, Dogecoin had a pretty decent week, with a 10% price gain in the last 7 days.
Moreover, Dogecoin currently trades at around $0.167 after breaching the $0.17 zone briefly in the last week.
Dogecoin’s price performance
As it stands, Dogecoin is currently working towards a rally straight up past the $0.17 zone and possibly towards $0.2 as highlighted by many analysts in the last week.
For example, trader and analyst, Mags recently stated in a 25 May tweet, that the “accumulation phase” for Dogecoin may have ended, and the memecoin king is set to “go parabolic”.
Dogecoin set to go parabolic
Mags highlighted that during the last cycle, Dogecoin behaved just as it currently is, before going up by a staggering 170x and creating overnight millionaires.
Mags also stated that he has been accumulating Dogecoin for months now and that Dogecoin might be about to make a 7x (700%) price increase in this cycle.
This isn’t the first time that Dogecoin is behaving this way, apparently,
According to insights from Ali in a 21 May tweet, Dogecoin is currently doing something interesting.
History often rhymes
While the price action of the memecoin doesn't exactly match that of 2021, the analyst noted that Dogecoin's outlook currently "rhymes", and is in the ignition phase of a new bull run.
Could we be witnessing a déjà vu moment?
In slightly less bearish news, however, Capt Toblerone, in a post, mentioned that while Dogecoin is incredibly bullish (like all the other analysts say), it is still primed for a 30% price drawdown from current price levels, before takeoff.
The possible drawdown
While Capt Toblerone’s outlook is both heartbreaking and incredibly bullish at the same time, he expects this 30% dip to take Dogecoin down to the $0.108 price level, where the rally is set to take place.
This rally will eventually take Dogecoin up by around 1,300%, which would give investors 13x returns in other words, if all cards are played right.
To sum things up, Dogecoin is incredibly bullish—no questions about that.
However, investors should keep an eye out for a possible pre-rally correction from here.
If this correction occurs, we might see Dogecoin rally by 13x. If this correction does not occur, however, Dogecoin has about a 7x price increase to make, all of which would put its price between $1 and $1.3 by the end of this cycle.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.