The Dogecoin price is once again catching the attention of investors as it gears up for a potential parabolic rally that could propel the meme coin into uncharted territory and reach new all-time highs in this current market cycle. According to crypto analyst Mikybull Crypto, Dogecoin could see a surge similar to the staggering 16,000% increase it experienced in 2020 as it enters into price discovery.
Mikybull Crypto highlighted in a recent post that the stage is set for DOGE’s massive parabolic rally towards price discovery. The analyst pointed out that in 2020, Dogecoin saw a significant price surge when it broke above the Relative Strength Index (RSI) 70 level, and a similar scenario could be unfolding now.
The analyst also mentioned that the price target for Dogecoin in this bull run remains in the range of $1 to $3. Additionally, based on the alignment of Fibonacci levels with DOGE’s performance after the last Golden Cross, Mikybull Crypto suggested that Dogecoin could potentially reach as high as $4 in the near future.
Another crypto analyst, Master Kenobi, echoed similar sentiments by predicting that Dogecoin could rise to $2 in this market cycle. He anticipated that this increase would be driven by a rapid influx of capital and market frenzy. Notably, Master Kenobi also raised the possibility of DOGE surpassing Solana and Binance Coin (BNB) to become the third-largest cryptocurrency by market capitalization.
Furthermore, Master Kenobi’s analysis indicated that Dogecoin could soon enter price discovery, with a 91-day sequence suggesting a potential rally to $1 within a specific timeframe. The analyst pointed to December 2 as a significant date for when Dogecoin could achieve this price target.
Adding to the bullish sentiment, crypto analyst Dj Anas recently predicted that Dogecoin could reach $1 by the end of the year, citing Fibonacci levels as supporting evidence for a parabolic rally towards this milestone.
However, amidst these optimistic projections for Dogecoin’s price, analyst Kevin Capital cautioned that a correction might precede any significant price discovery. Kevin Capital highlighted a symmetrical triangle pattern and suggested a 50/50 chance of a price breakout or breakdown. With the daily RSI for Dogecoin currently above 90, indicating overbought conditions, Kevin Capital leans towards a correction scenario.
Previously, Kevin Capital had foreseen a potential drop for Dogecoin to as low as $0.26 following a correction. As of the latest data from CoinMarketCap, Dogecoin is trading around $0.39, reflecting a more than 7% increase in the last 24 hours.
In conclusion, while there is an air of excitement surrounding Dogecoin’s potential for a parabolic rally and entry into price discovery, analysts remain cautious about the possibility of a correction in the near term. Investors will be closely monitoring Dogecoin’s price movements as the meme coin continues to captivate the crypto market with its volatile yet promising trajectory.
