The Dogecoin price has recently experienced a 10% correction after a significant rally of over 70% in the past seven days. Despite this pullback, crypto analyst Ali Martinez believes that the Dogecoin rally is far from over and has provided reasons to support this assertion.
In a recent post, Martinez highlighted the importance of the Market Value to Realized Value (MVRV) metric in determining market tops for Dogecoin. Historically, when the MVRV crosses 78%, it signals a market top. However, the recent correction has reset the MVRV to 45.65%, indicating that there is still room for the meme coin to move higher.
Martinez also suggested that Dogecoin could potentially reach $2.40 and even rise further to $18 if it were to test the middle or upper part of a boundary channel. This indicates that there is still upward potential for Dogecoin’s price.
Similarly, Master Kenobi, who accurately predicted the start of the Dogecoin bull run, believes that the rally is not yet over. He forecasts that Dogecoin will consolidate between $0.33 and $0.40 before retesting its current all-time high of $0.73. This consolidation phase is expected to last about two weeks before another attempt at breaking the ATH.
In a more recent post, Master Kenobi expressed a desire for the Dogecoin rally to pause briefly to confirm patterns from the previous cycle. This pause would align with the overall market timing, and after this consolidation, Dogecoin could potentially reach the $1 target. The analyst previously suggested that $1 may not be the peak for Dogecoin’s price, as it could surge to $2 and beyond.
Kevin Capital, a self-proclaimed lead analyst on Dogecoin, offered insights on potential price targets for the meme coin. He predicted that Dogecoin could correct to a range of $0.26 to $0.28 before embarking on the next leg up to break its current all-time high. Kevin Capital pointed to the daily Relative Strength Index (RSI) touching 94 and the 0.786 Fibonacci level as indicators for a correction in the short term.
Additionally, Kevin Capital mentioned a scenario where Dogecoin’s price could rally higher if the Bitcoin price reaches between $94,000 and $95,000 in the short term. However, he emphasized the need for a significant correction before any further upward movement, as the RSI must cool off.
As of the time of writing, Dogecoin is trading at around $0.36, reflecting a 10% decline in the last 24 hours. The price chart shows a correction from the recent high of $0.42, indicating a short-term pullback in the price.
Overall, despite the recent correction, analysts remain bullish on Dogecoin’s price trajectory, citing various technical indicators and potential price targets. Dogecoin’s rally is expected to continue, with the possibility of reaching new highs in the near future.
