Emily Walker
The price of Dogecoin is gearing up for a significant rally, potentially leading it towards new all-time highs in this market cycle. Analyst Mikybull Crypto has suggested that the coin might achieve a remarkable 16,000% increase similar to its performance in 2020 as it enters price discovery.
Dogecoin Set for a Major Rally
In a recent post on X, Mikybull Crypto highlighted that Dogecoin’s upcoming parabolic rally towards price discovery is in the works. This movement is particularly noteworthy, as it parallels its impressive 16,000% increase from 2020, which occurred when it surpassed the Relative Strength Index (RSI) threshold of 70.
Furthermore, Mikybull Crypto has pointed out that the target price for Dogecoin in this bullish market cycle lies between $1 and $3. Additionally, there is speculation that DOGE could soar as high as $4, supported by Fibonacci level alignments observed after a previous Golden Cross event.
Another analyst, Master Kenobi, has also projected that Dogecoin could reach a price of $2 in this market cycle. This prediction is based on a surge of capital influx and market excitement. Notably, he mentioned that DOGE might surpass Solana and BNB, potentially making it the third-largest cryptocurrency by market capitalization.
Additionally, Master Kenobi has indicated that DOGE could soon enter price discovery, backed by a 91-day chart sequence which he believes is 20 days from completion. He estimated that DOGE might hit $1 by December 2.
Analyzing the situation, Crypto analyst Dj Anas also anticipated a price of $1 for Dogecoin by the end of the year, referencing Fibonacci levels that suggest a parabolic trend towards that goal.
Potential Price Correction Ahead
Despite these optimistic forecasts for Dogecoin’s price, analyst Kevin Capital warned that a correction might occur before the coin enters price discovery. In an X post, he described a symmetrical triangle pattern indicating equal chances of a price breakout or breakdown.
He elaborated that a correction seems likely, noting that the daily RSI is currently over 90, which points to an overbought condition. Kevin Capital had previously forecasted that Dogecoin might drop to $0.26 following such a correction.
As of the latest updates, Dogecoin is trading around $0.39, having risen over 7% in the past 24 hours, based on data from CoinMarketCap.