Analyst Says Dogecoin Has Entered Another Bull Cycle, Puts Price Above $20
14 Januar 2025 - 6:00PM
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Crypto analyst Javon Marks has provided a bullish outlook for
Dogecoin, stating that the foremost meme coin has entered another
bull phase. The analyst also predicted how high the foremost meme
coin could rally in this bull phase. Dogecoin To Rally Above
$20 As It Enters New Bull Cycle In an X post, Javon Marks predicted
that Dogecoin could rally above $20, seeing as it looks to be in
another bull cycle. The crypto analyst made this ambitious
prediction while noting that DOGE has recorded larger runs in every
successive cycle. Related Reading: XRP Price Breaks Out Of
Symmetrical Triangle Pattern, Why The Target Is $8 As such, Marks
asserted that Dogecoin could witness a 60x price increase or more
from here and rally above $20 if history repeats itself. His
accompanying chart showed that DOGE recorded a 90x and 306x
increase in the 2017 and 2021 bull runs, respectively. The chart
also showed that DOGE is at the stage where it could form a God
candle that would set it up to reach this $20 target. Other crypto
analysts like Dima James have also predicted that Dogecoin could
reach double digits in this bull cycle. James also alluded to
historical trends to explain why the foremost meme coin can reach
such heights. Meanwhile, analyst Ali Martinez once predicted that
DOGE could reach $23 if it reaches the 2.272 Fibonacci level in
this cycle. However, in the short term, the focus will
undoubtedly be for Dogecoin to reach its current all-time high
(ATH) of $0.73 and then rally to new highs. Crypto analyst Master
Kenobi predicted that DOGE could soon rally to its ATH as it eyes a
breakout from a symmetrical triangle. The crypto analyst also
alluded to Donald Trump’s inauguration on January 20 as a catalyst
that could spark this price breakout. Higher Prices Are
Expected In an X post, crypto analyst Kevin Capital asserted that
higher prices are expected as long as Dogecoin is above $0.26 and
trading in a bullish falling channel, which he highlighted in his
accompanying chart. The analyst added that the measured move target
of this bullish pattern is $1.30 if DOGE breaks out. Related
Reading: Dogecoin Traders Remain Extremely Bullish Despite Price
Crash, Here Are The Numbers The Dogecoin price had recently crashed
alongside the broader crypto market. However, these analyses
indicate that there is still more room for the foremost meme coin
to rally to the upside. In fact, crypto analyst Trader Tardigrade
suggested that a bullish reversal could happen sooner than
expected. In an X post, the analyst revealed that Dogecoin is
breaking out of a double bottom on the 4-hour chart. The
accompanying chart showed that DOGE could first rebound to $0.36
and then possibly reclaim the psychological $0.40 level. At
the time of writing, the Dogecoin price is trading at around $0.34,
up almost 5% in the last 24 hours, according to data from
CoinMarketCap. Featured image created with Dall.E, chart from
Tradingview.com
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