Dogecoin has been on a bullish trajectory, prompting discussions about its potential highs in this cycle. While some speculate that DOGE could reach $3, crypto analyst Kevin Capital offers a more cautious outlook.
In a recent post on X (formerly Twitter), Capital noted that Dogecoin has historically reached its “macro golden pocket” level at the 1.618 Fibonacci extension in previous cycles. For this market cycle, that golden pocket sits at $3.90, though he believes it’s an unlikely target.
The last time #Dogecoin saw a weekly Golden Cross was 4 years ago. When the Golden Cross completed we saw 3 weeks of dip/consolidation before we went on to make a cycle top 119 days after the cross. If we follow anything near to last cycle then we should expect something similar… pic.twitter.com/gRwQrcC0lL
— Kevin (@Kev_Capital_TA) November 9, 2024
Instead, Capital suggests that a more realistic peak would be around $1.80, contingent on Bitcoin’s performance.
Despite his reservations about $3, Capital did highlight an upcoming “Golden Cross” on the weekly chart, a bullish technical indicator that last appeared four years ago. If history repeats itself, DOGE may see a brief cooldown followed by a parabolic rally starting in December and extending into spring 2025.
- Macro Golden Pocket: $3.90 (unlikely)
- Alternative Target: $1.80 (depending on BTC performance)
- Golden Cross Indicator: Could signal a rally by December 2024
Why a $10 Target is Entering the Conversation
While Kevin Capital downplays the likelihood of a $3 rally, another analyst, Dima James, sees even higher potential. According to James, if DOGE’s weekly chart closes above $0.18, it may trigger a parabolic move reminiscent of previous bull runs. In the 2016 and 2021 cycles, Dogecoin saw massive rallies, climbing 8,000% and 18,000% respectively.
James believes a similar surge could occur, possibly even pushing Dogecoin to the $10 mark if adoption and technological advancements continue to drive demand.
He emphasized that historical patterns indicate DOGE’s momentum often builds after the “green and red lines” on the weekly chart cross, a pattern currently developing. Should this move materialize, James argues, a substantial rally could follow.
- Parabolic Trigger: Weekly close above $0.18
- Historical Rally Gains: 8,000% (2016) and 18,000% (2021)
- Potential Price Target: Up to $10 (depending on adoption)
Technical Analysis: Current Price Action Signals Uptrend
Currently, Dogecoin is trading at $0.2281, maintaining an upward trend within a bullish channel on the 4-hour chart. The breakout above $0.2192 now serves as a pivot point, with consolidation above this level supporting the likelihood of continued gains.
Immediate resistance levels lie at $0.2437 and $0.2570 if bullish momentum holds. The RSI sits at 74, indicating overbought conditions that could lead to a short-term pullback before the next leg up. The 50-day EMA at $0.189 provides a solid support base.
Dogecoin Technical Analysis: Bullish trend continues as $DOGE trades at $0.2281! Key pivot at $0.2192, with resistance at $0.2437 & $0.2570. RSI at 74 suggests a potential short-term pullback. Keep an eye on the setup for continued gains! #Dogecoin #Crypto #TechnicalAnalysis pic.twitter.com/oeCNL31pX9
— Arslan Ali (@forex_arslan) November 10, 2024
With technical indicators aligning with the broader positive sentiment, the current setup favors buying above the $0.2192 pivot, supporting a bullish outlook.
- Immediate Resistance Levels: $0.2437 and $0.2570
- Pivot Level Support: $0.2192
- Technical Indicators: RSI at 74.65, signaling potential consolidation
Dogecoin’s upward movement and the analyses from Capital and James illustrate the diverging expectations within the crypto community.
While some see $3 or even $10 as possible targets, the path to these milestones remains speculative, heavily influenced by market trends, adoption, and broader crypto developments. As the cycle unfolds, DOGE investors will closely monitor these technical levels and historical patterns for clues on what lies ahead.
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The post Dogecoin Price Forecast: Can DOGE Hit $3 with Golden Cross on the Horizon? Analyst Weighs In appeared first on Cryptonews.
