Crypto analyst Philip has insisted that the Dogecoin price rally is just the beginning though Profit of more than 300%Which is the most prominent meme coin has enjoyed this year. The analyst used technical analysis to explain why DOGE would still be higher.
The Dogecoin price rally is still in the early stages
In A TradingView postPhilip said that the Dogecoin price rally is still in its early stages. Analyzing DOGE’s monthly chart, the analyst noted that the leading MiM coin is still near the bottom of the cycle and is expected to hold. upward trend. He then pointed to a triangle pattern, in which Dogecoin trades within each cycle before enjoying a parabolic price breakout.
Although this price breakout started earlier in the year, Philip is convinced that it is still in its early stages as this parabolic rally has always led to a new all-time high (ATH). The price of Dogecoin has yet to surpass the current ATH of $0.73, which it The last bull rundespite being up over 300% year-to-date (YTD).
Therefore, Philip expects the price of Dogecoin to at least retest its current ATH. Meanwhile, he pointed out previous cycle To predict how high the meme coin could eventually reach in this bull run. He noted that Dogecoin gained nearly 9,000% in price in the 2016 bull run and nearly 50,000% in the 2021 bull run.
Accordingly, he predicts that Dogecoin price can at least replicate the 9,000% gain in the 2016 bull run and rally to a conservative target of $5. This means that Dogecoin can still enjoy a price increase of more than 1,000% from its current price level. However, for now, the main focus will be for DOGE to break above its current ATH.
Crypto Analyst Alan Santana It has also recently been said that the Dogecoin price rally is justified, considering that the strong growth that DOGE has seen so far indicates the beginning of a bullish cycle.
The next stop for DOGE is $0.88
In an X post, Crypto Analyst Merchant Tardigrade It is suggested that the price of Dogecoin at the next level will be $0.88. He mentioned that Dogecoin has always seen 2x growth from its previous local peak. In this case, $0.44 marked the current local high for Meme Coin. Thus, the crypto analyst expects DOGE’s next local peak to be $0.88.
Meanwhile, crypto analysts Kevin Capital drew the community’s attention to the hidden bullish divergence forming on Dogecoin’s 4-hour chart. This is something to watch,” added the analyst.
At the time of writing, the Dogecoin price is trading at around $0.39, up around 2% in the last 24 hours, according to data From CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
