Kevin, crypto analyst (formerly OG Yomi) suggested that Dogecoin (DOGE) could record a 2,500% rally in this bull cycle. As part of his analysis, he highlighted the main price targets that the meme coin could achieve in this bull run.
Why Dogecoin Could Surpass $3
Kevin explained in a post on X (formerly Twitter) that the most important coin has never failed to “meet or exceed Macro FIB 1.618 extension measured from previous bull market of the highest to support the lowest of the market. He further revealed that the current price of 1.1618 FIB on the DOGE chart is sitting at $3.80, which means that it could reach and surpass this price level.
The crypto analyst admitted that it might be harder for Dogecoin to reach such highs in this bull run than in previous cycles “due to market cap and capital saturation,” with more meme coins now on the market. However, he noted that this remains a possible outcome based on Dogecoin’s historical performance.
Based on this historical performance, Kevin also highlighted $0.95 and $1.35 as other “notable” price targets that the meme coin could reach even if it doesn’t climb back to $3. Kevin’s analysis paints a more optimistic picture for Dogecoin, along with several other crypto analysts. already predicting it could reach $1 at some point in this cycle.
Kevin is among those who have remained bullish on Dogecoin despite the recent price performance. He suggested that the meme coin will soon overcome this downward trend while declaring that it still has “several weeks of rising prices before reaching this stage of the bull market”.
The crypto analyst also recently noticed For Dogecoin to reach a monthly close above $0.16 is necessary to confirm its bullish continuation. He said a close above this level would “confirm a perfect retest of the previous bear market accumulation range” and provide “strong monthly momentum for further upside.”
Total crypto market cap currently at $2.2 trillion. Chart: TradingView
A different perspective on Dogecoin price action
Pav Hundal, senior analyst at Australian stock exchange Swyftx, recently warned that Dogecoin might not reach $1 as many imagine. He explained that the meme coin could face significant difficulties selling pressure en route to this price level from crypto investors who purchased DOGE at the height of the last market cycle when it hit an all-time high (ATH) of $0.73.
These investors might be looking to break even once Dogecoin hits a new ATH, which could derail its rise to $1. Like Kevin, Hundal also alluded to the saturation of coin market and how Dogecoin might not attract the same interest as in previous cycles.
At the time of writing, Dogecoin is trading at around $0.145, down more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from TradingView
