Feeling Bullish on Dogecoin? Analyst Predicts $3.80 Price Target Based on History

The post Feeling Bullish on Dogecoin? Analyst Predicts $3.80 Price Target Based on History appeared first on Coinpedia Fintech News

Crypto analysts are pointing to a fascinating trend in Dogecoin’s historical performance that could hint at potential price targets for the current bull cycle. According to the analysis, Dogecoin has consistently reached or surpassed the 1.618 Fibonacci extension, which currently projects a target of $3.80 for this cycle.

The Fibonnaci Link

A recent tweet by a top crypto trader has revealed Dogecoin’s interesting connection with Fibonacci extensions. This mathematical concept isn’t just theory; it’s a potential roadmap to profits. According to analysis, Dogecoin has consistently followed Fibonacci’s lead, with the current 1.618 extension pointing towards a staggering $3.80 target for this cycle.

In all of #Dogecoins bull cycles it has never failed to meet or surpass the 1.618 Macro FIB extension measured from previous bull market highs to bear market lows. The current 1.618 FIB on #DOGE currently sits at $3.80. While I think this can be more difficult to achieve then… pic.twitter.com/9UE0rE3zCY

— Kevin (@Kev_Capital_TA) April 26, 2024

While acknowledging challenges posed by market dynamics and capital saturation, the trader emphasized the relevance of historical patterns in forecasting potential outcomes for Dogecoin’s price trajectory.

Doge’s Strength – Revealed

But it’s not just about Fibonacci. Dogecoin has also shown its strength through its 3-day Relative Strength Index (RSI). This metric has consistently stayed above the important 50 level as Dogecoin reached new all-time highs.

The Journey Ahead

Based on the historical pattern observed with the 3-day RSI, the trader suggests that Dogecoin is poised for a bounce from the current range, potentially leading to upward movement in price.

As you can see here when it comes to #Dogecoin in its previous bull cycle the 3 day RSI never lost the 50 level on its path to new ATH's. If we're to keep similar structure like we have been then we want to see #DOGE bounce from this exact same range we're in and eventually head… pic.twitter.com/xQP4zVZiVs

— Kevin (@Kev_Capital_TA) April 26, 2024

Other Notable Price Targets

Alongside the $3.80 target, the trader identified additional price targets based on Dogecoin’s historical performance. These include $0.95 and $1.35 for the current bull cycle, representing significant milestones that align with past price movements. 

The analysis highlights the importance of considering historical trends and Fibonacci levels as valuable tools for assessing potential price movements in the crypto market.

Dogecoin Price Analysis

As of now, Dogecoin (DOGE) is trading at $0.1511, showing a minor decline of 0.33% over the past 24 hours. The trading volume has also decreased by 31.87%, amounting to $959 million. Despite these fluctuations, Dogecoin’s market capitalization remains stable at approximately $21.3 billion.

So, how are YOU feeling – bullish (or bearish) on Dogecoin? Share your sentiment.