Crypto Analyst Jevon Marks has provided a bullish outlook for Dogecoin, stating that the most prominent meme coin has entered another bull phase. The analyst also predicted how high the leading meme coin could go in this bull phase.
Dogecoin to rally above $20 as it enters new bull cycle
in one X postJevon Marks predicts that Dogecoin could rally above $20, as it appears in another bull cycle. The crypto analyst made this ambitious prediction while noting that DOGE has recorded huge runs in each successive cycle.
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As such, Marcus asserts that Dogecoin could rise 60x or more from here and rally above $20 if history repeats itself. His accompanying charts showed that DOGE recorded 90x and 306x growth in 2017 and 2021 Bull Runrespectively. The chart also showed that DOGE is at a stage where it could form a god candle that would set it to reach this target of $20.
Other crypto analysts like Dima James have also predicted that Dogecoin could reach double digits in this bull cycle. James also points to historical trends to explain why the most prominent meme coin can reach such heights. Meanwhile, analysts 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 make new highs. Crypto Analyst Master Kenobi predicted That DOGE may soon reach its ATH as it sees a breakout from a symmetrical triangle. The crypto analyst also pointed to the inauguration of Donald Trump on January 20 as a catalyst that could ignite this price breakout.
Expect high prices
In an X post, Crypto Analyst Kevin Capital emphasized that higher prices are expected as long as Dogecoin is above $0.26 and trading in a rapidly descending 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.
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Dogecoin’s price recently crashed along with the broader crypto market. However, these analyzes show that there is still more room for the meme coin to rally upwards. In fact, the cryptanalyst Merchant Tardigrade suggested that a rapid reversal could occur 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 come back to $0.36 and then possibly reclaim. Psychological $0.40 level.
At the time of writing, the price of Dogecoin is trading at around $0.34, up about 5% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
