Dogecoin has entered a bullish phase, sparking interest in its possible price peaks during this cycle. Although some speculate DOGE might reach $3, crypto analyst Kevin Capital provides a more cautious perspective.
Key Price Predictions: Kevin Capital’s Cautious Outlook
In a recent post on X (formerly Twitter), Kevin Capital shared insights on Dogecoin’s historic “macro golden pocket” level, often seen at the 1.618 Fibonacci extension in prior cycles. For this cycle, the target stands at $3.90, though he considers this peak unlikely.
Capital suggests a more achievable target around $1.80, contingent on Bitcoin’s performance. Additionally, he notes an upcoming “Golden Cross” on DOGE’s weekly chart—a bullish signal that could lead to a brief cooldown before a strong rally, possibly beginning in December and extending into spring 2025.
- Macro Golden Pocket Target: $3.90 (unlikely)
- Realistic Target: Around $1.80 (depends on BTC performance)
- Golden Cross Signal: Rally potential starting December 2024
Diverging Opinions: Analyst Predicts DOGE Could Reach $10
While Kevin Capital downplays the likelihood of DOGE hitting $3, another analyst, Dima James, foresees even higher potential. James argues that if DOGE’s weekly close surpasses $0.18, it might spark a parabolic move similar to past rallies. In 2016 and 2021, Dogecoin surged by 8,000% and 18,000%, respectively.
James believes that with continuous adoption and advancements, DOGE could target the $10 mark. He highlights a historical pattern where momentum builds after specific chart indicators, a trend currently forming. Should this pattern persist, DOGE may be poised for a significant rally.
- Parabolic Trigger: Weekly close above $0.18
- Historical Rally Gains: 8,000% (2016) and 18,000% (2021)
- Long-Term Target: Up to $10 (with sustained adoption)
Technical Analysis: Bullish Trend in Current Price Action
Currently trading at $0.2281, Dogecoin remains on an upward trajectory within a bullish channel on the 4-hour chart. A breakout above $0.2192 now acts as a pivotal support level, enhancing prospects for further gains.
The immediate resistance levels for DOGE are $0.2437 and $0.2570 if bullish momentum continues. However, with the RSI at 74, overbought conditions suggest a possible short-term pullback before another rally. The 50-day EMA, now at $0.189, provides additional support.
- Immediate Resistance Levels: $0.2437 and $0.2570
- Pivot Support: $0.2192
- Technical Indicators: RSI at 74, indicating a brief cooldown may follow
As market trends and technical signals evolve, these insights highlight a range of price expectations for DOGE, with targets ranging from $1.80 to a speculative $10.
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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.
