Key Insights
- According to analysts, Dogecoin is preparing for a massive price increase, the same as previous cycles.
- The RSI and MACD indicators point towards strong upward momentum for Dogecoin,
- Analysts expect a Dogecoin cycle top in Q1 2025 or possibly by December 2024.
- Dogecoin’s price action has been relatively stable compared to other cryptocurrencies.
- Some analysts like Javon Marks expect a possible target as high as $10.
Dogecoin has been through its fair share of ups and downs, particularly in recent years.
However, according to Kevin, a crypto analyst, the real bull run for Dogecoin has yet to surface, and all we have seen so far is merely the tip of the iceberg.
Dogecoin Price Prediction: Current Market Analysis
On Wednesday this week, Kevin highlighted interesting prospects about Dogecoin.
The analyst pointed out that the cryptocurrency was on the verge of a major bullish phase and used the RSI and MACD indicators to support his argument.
According to the analyst, these indicators are crucial for monitoring how much momentum Dogecoin has gathered and where possible trend reversals might be coming in.
Monthly RSI nowhere near macro target. Monthly MACD nowhere near target. Price structure is mirroring previous cycles on 1M time frame. The real #Dogecoin bull run has not even begun yet. Cycle top in Q1 of 2025 or earliest in December based off historical analysis. #DOGE… pic.twitter.com/DCRZmEBKi8
— Kevin (@Kev_Capital_TA) July 31, 2024
According to the analyst, Dogecoin’s current price action on the monthly timeframe is similar to that of its previous cycles.
This means that the cryptocurrency might be gearing up for a repeat of its 2021 price action.
“The real Dogecoin bull run has not even begun yet,” he remarked. “Monthly RSI is nowhere near macro target, and monthly MACD is nowhere near target. The price structure mirrors previous cycles on the 1M time frame.”
Furthermore, the analyst pointed out that we might be seeing a Dogecoin cycle top in Q1 of 2025 or by December this year if the bulls feel up to it.
Dogecoin’s Current Performance
Despite Kevin’s optimistic outlook, the memecoin’s recent price action hasn’t been very impressive.
For example, CoinMarketCap data shows that the cryptocurrency was down by around 4% in the previous week—significantly less of a decline than the rest of the market, but still considerably bearish.
However, even despite Dogecoin’s stagnant price action and the “new and shiny” memecoins on the market, analysts like Poseidon believe that the memecoin is the “real” one and that investors should consider accumulating.
Dogecoin set to “rip hard”
In terms of near-term price action, analysts like Andrew Crypto believe that the real bull run will start with a Dogecoin break above the $0.28 price level.
“$DOGE looks like it’s going to rip hard once we break this first level,” the analyst says. “Doge season soon?”
Others, like Javon Marks, highlighted Dogecoin’s “logarithmic breakouts” over the years and the way Dogecoin bull-cycle breakouts typically get larger as the years go by.
To this end, the analyst says that if we are to see something similar happen again this year, DOgecoin might be gearing up for a 7,200% price increase this time around, with a possible price target of $10.
Disclaimer: This article is intended solely for informational purposes and should not be construed as financial advice. Investing in cryptocurrencies involves substantial risk, including the possible loss of your capital. Readers are encouraged to perform their own research and seek guidance from a licensed financial advisor before making any investment decisions. Voice of Crypto does not endorse or promote any specific cryptocurrency, investment product, or trading strategy mentioned in this article.
