Dogecoin worth could also be on the verge of one other worth rally, in keeping with a market evaluation evaluating its present pattern to the 2017 cycle. An in depth chart evaluation suggests a similarity between DOGE worth actions in 2017 and its trajectory in 2024.
The information reveals that in 2017, the meme coin skilled a surge adopted by a consolidation interval lasting 115 days earlier than one other upward motion. The current cycle has now prolonged to 119 days, indicating a possible repeat of previous traits. If the sample holds, analysts predict DOGE worth may attain the $1 mark by June 2024.
Analyst Predicts Dogecoin Price Could Hit $1 by June
Analyst Master Kenobi took to the X platform, previously referred to as Twitter, to highlight a possible repetition of Dogecoin’s historic worth cycle. According to his evaluation, Dogecoin had a 115-day consolidation interval between main worth surges in 2017. The present market construction reveals an identical pause, now lasting 119 days. This resemblance to previous actions means that Dogecoin worth might be approaching one other breakout part.
The evaluation additionally factors to technical indicators supporting this prediction. The Relative Strength Index (RSI) displayed a pointy improve throughout the preliminary rally in each circumstances, adopted by a downward correction throughout the consolidation part.
Once RSI stabilized in 2017, the worth skilled one other surge. The same sample seems to be forming in 2024, reinforcing the expectation of a potential upward motion.
Historical worth cycles additional strengthen the argument for a possible rally. The 2017 surge adopted a protracted accumulation part, which seems to be repeating within the present cycle. If the top meme coin follows the identical pattern, analysts imagine the meme coin rally may push DOGE towards the $1 mark within the coming months.
Technical Indicators Suggest a Meme Coin Rally
The evaluation of Dogecoin worth traits incorporates a number of technical indicators that align with the 2017 worth cycle. Moving averages, RSI, and worth motion counsel that the present consolidation part could also be establishing for an additional sturdy rally.
More so, the Moving Average Convergence Divergence (MACD) indicator is signaling a possible bullish crossover because the blue MACD line is rising and seems to be crossing above the orange sign line. This crossover is a traditional technical indicator of accelerating bullish momentum, usually interpreted as a purchase sign by merchants.
Additionally, the histogram bars have transitioned to blue, reinforcing the probability of an upward pattern. As the histogram expands positively, it suggests rising shopping for strain, which may push Dogecoin’s worth increased within the coming periods. This improvement signifies that momentum is shifting in favor of the bulls, doubtlessly establishing a worth restoration.
Furthermore, the Awesome Oscillator (AO) is reflecting an identical sentiment, because the histogram bars are starting to lighten in coloration, transitioning from deep purple in the direction of inexperienced. This shift in momentum means that bearish strain is weakening, and a possible reversal could also be forming. If the AO continues to print inexperienced bars, it could verify a bullish divergence, including weight to the bullish case
At press time, the highest meme coin is trading at $0.1743, reflecting a 5.34% surge previously 24 hours. Additionally, the 24-hour buying and selling quantity has elevated by 11.81%, reaching $1.16 billion, whereas its market cap stands at $25.89 billion, indicating sturdy bullish momentum.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with 4 years {of professional} expertise, having contributed considerably to varied media shops on cryptocurrency traits and applied sciences. With over 4000 revealed articles throughout numerous media shops, he goals to tell, educate and introduce extra individuals to the Blockchain and DeFi world. Outside of his journalism profession, Ronny enjoys the fun of motorbike using, exploring new trails and landscapes.
Disclaimer: The introduced content material might embody the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
