Dogecoin, the popular meme coin, appears to be consolidating just below the $0.4 price level. Over the past five days, the price of Dogecoin has dipped below $0.4, reaching a low of $0.343. This recent performance has sparked discussion about whether Dogecoin has already hit its price peak in this current bull cycle.
Despite some concerns, not everyone in the market agrees that Dogecoin has reached its top. According to crypto analyst Kevin (@Kev_Capital_TA), Dogecoin still has significant room to grow in this cycle. Kevin’s analysis suggests that Dogecoin’s price top for this cycle could reach $3.9, quadrupling its current all-time highs.
Kevin’s forecast is based on a unique application of the Pi Cycle tops indicator, a tool typically used for Bitcoin but has shown accuracy in predicting Dogecoin’s price behavior in each cycle. The indicator combines moving averages with the Monthly Relative Strength Index (RSI) and has accurately predicted Dogecoin’s cycle tops and bottoms over the years. The current analysis shows that Dogecoin still has room for upward movement before reaching the projected peak.
The predicted price top of $3.9 is derived from the 1.618 Fibonacci extension level projected from this cycle’s Pi Cycle low. Historical data shows that previous cycle tops in 2018 and 2021 aligned with the same Fibonacci extension level from their respective Pi Cycle lows. Kevin also highlighted intermediate price ranges to monitor on the way to the predicted peak, including $0.9 to $1.3 and $2.3 to $2.7.
If Dogecoin were to reach a price of $3.9, its market cap would be around $572 billion based on its current circulating supply of 146.86 billion DOGE tokens. This massive market cap would potentially see Dogecoin surpass Ethereum in market cap rankings.
Currently, Dogecoin is trading at $0.389, up by 3.5% in a 24-hour timeframe but down by 5.2% in a seven-day timeframe. Achieving the $3.9 price target would represent a 902% increase from the current price.
Overall, the analysis suggests that Dogecoin still has room to grow and could potentially reach new price highs in this cycle. It will be interesting to see how the market responds to these projections in the coming days and weeks.
