Meme coin Dogecoin looks as if it’s beginning to consolidate slightly below the $0.4 value degree. Significantly, the Dogecoin value has traded beneath $0.4 within the final 5 days, reaching a low of $0.343. This DOGE value efficiency is unsurprisingly going to result in the notion of whether or not it has already reached its value prime this bull cycle.
Nonetheless, not each market participant agrees with this thought course of. In response to technical evaluation from crypto analyst Kevin (@Kev_Capital_TA), the Dogecoin value is at present nowhere close to its prime this cycle.
The place Is Dogecoin Worth High This Cycle?
The Dogecoin value rally has slowed down because it reached a three-year excessive of $0.4265 on November 13. Nonetheless, with the help of an intriguing technical indicator, Kevin highlighted that the Dogecoin value nonetheless has plenty of room to run. His evaluation means that DOGE’s value prime for this cycle may attain $3.9, a degree that might successfully quadruple its present all-time highs.
Kevin’s forecast depends closely on a novel software of the Pi Cycle tops indicator, a device historically used for Bitcoin however, as he notes, has confirmed surprisingly correct in monitoring the Dogecoin value habits each cycle. He explains that the indicator, which mixes two transferring averages with the Month-to-month Relative Energy Index (RSI), has precisely predicted the Dogecoin value tops and bottoms over time. Significantly, the weekly candlestick Dogecoin value chart that accompanied this outlook exhibits that the Pi Cycle precisely predicted Dogecoin’s cycle tops and bottoms in 2018 and 2021.
The analyst noticed that though the transferring averages in Dogecoin’s Pi Cycle tops indicator are heading in the identical path, they’re nonetheless removed from crossing. This means that Dogecoin has substantial room for upward motion earlier than reaching the anticipated peak.
Dogecoin Worth High At $3.9: What It Means
Kevin’s predicted value prime of $3.9 is derived from the 1.618 Fibonacci extension degree when projected from this cycle’s Pi Cycle low. This strategy mirrors historic Dogecoin value efficiency, the place earlier cycle tops in 2018 and 2021 coincided with the identical Fibonacci extension degree from their respective Pi Cycle lows. The analyst additional highlighted intermediate value ranges to observe, together with $0.9 to $1.3 and $2.3 to $2.7, as milestones on the best way to the expected cycle peak.
A $3.9 Dogecoin value would put its market cap round $572 billion, contemplating its present whole circulating provide of 146.86 billion DOGE tokens. Such an enormous market cap would see Dogecoin overtaking even Ethereum in market cap rankings, suggesting the latter value doesn’t develop on the identical tempo as the previous.
On the time of writing, Dogecoin is buying and selling at $0.389, up by 3.5% in a 24-hour timeframe and down by 5.2% in a seven-day timeframe. Attaining the $3.9 Dogecoin value goal would characterize a 902% improve from the present value.
Featured picture created with Dall.E, chart from Tradingview.com
