Expectations for the Dogecoin price remain high as a crypto analyst has predicted a rally to a new all-time high for the meme coin. Not only does the analyst expect an eventual break above the coveted $1 level, they push further, expect Dogecon to put on a parabolic rally that could shock the crypto market. This could catapult the DOGE cryptocurrency forward, and put on a performance that could be reminiscent of its 2021 price surge.
Dogecoin Completes Accumulation Phase
In an analysis posted on the TradingView website, pseudonymous crypto analyst TradingShot has given a bullish forecast for the Dogecoin price. First, the analyst points back to a previous analysis first shared around a year ago. This analysis had predicted that the DOGE price would enter an accumulation phase before the surge.
Fast forward to the present, the crypto analyst explains that Dogecoin did, in fact, enter this accumulation phase and completed it as predicted. This brings the crypto analyst to the next phase of the forecast, which is the price surge from here.
As TradingShot explains, this accumulation phase was present in previous bullish cycle, making it an important fixture here. Furthermore, a bullish cross at the 1-Week 50 and 00-Moving Averages, as well as the 1-Week 100-Moving Average holding steady after coming to a Channel Down/Bull Flag, leads it into its Parabolic Rally phase, which is where the fun begins.
Price Targets For DOGE’s Parabolic Rally
With the Dogecoin price now entering the parabolic rally phase of the forecast, the crypto analyst has presented the possible levels that the DOGE price could reach. For the most conservative lives, the crypto analyst predicts that a rise to $2 is possible. TradingShot refers to this 1,760% rally from the current level as the “proper target” for this cycle.
However, just like with any parabolic rally, there is the possibility that the price will continue to rise even after reaching its realistic target. In what the analyst calls an “overextension case,” they explain that the price could rise 5,500% to reach as high as $6. But there would have to be some new developments, such as “some news/ fundamentals introduce new uses/ adoption for Doge and the market reacts with very aggressive capital inflows.”
As for the timeline for when this forecast would be realize, it doesn’t seem too far off as the analyst puts it sometime in 2025.Using the previous cycle tops for Dogecoin’s parabolic rallies, TradingShot puts the pico top sometime around August 4, 2025. This means there’s only 11 months left until this whole prediction could come to fruition.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.