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Cryptocurrency News Articles
Dogecoin Price Prediction: Trader Unveils Parabolic Rally Target, Eyes New All-Time High
Sep 24, 2024 at 08:30 pm
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.
Crypto analyst TradingShot has predicted that Dogecoin will rally to a new all-time high, possibly reaching $2 or even $6. The analysis is based on the completion of an accumulation phase and technical indicators suggesting a parabolic price surge.
Dogecoin Price Analysis
Pseudonymous crypto analyst TradingShot recently shared their analysis on the Dogecoin price, predicting a rally to a new all-time high. The analysis, posted on TradingView, is based on several technical indicators and observations.
According to the analyst, their previous analysis, shared about a year ago, predicted that the DOGE price would enter an accumulation phase before surging. Now, the analyst claims that this accumulation phase has indeed occurred, completing the first part of their prediction.
“This accumulation was present in the 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.”
The analysis suggests that the Dogecoin price is now entering the parabolic rally phase of their forecast. With this, the analyst has outlined several potential price targets that DOGE could reach.
“For the most conservative of us, we can see that a rise to $2 is possible. I’ll personally be calling this the ‘proper target’ for this cycle, considering the Fib Extension at 1.618 aligns almost perfectly with this level on the 1-Week chart.”
At the time of writing, the Dogecoin price is trading around $0.11, which means a rise to $2 would mark an increase of over 1,760%. However, the analysis notes that the price could continue to rise even after reaching this target.
“Of course, with any parabolic rally, we can often see the price continue to overextend after reaching our realistic targets. In an overextension case, we could see the price rise up to $6, but there would need to be some new development, such as some news/ fundamentals introduce new uses/ adoption for Doge and the market reacts with very aggressive capital inflows.”
Overall, the analysis predicts that Dogecoin will rally to a new all-time high in 2025, with a possibility of reaching $2 or even $6.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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