Crypto analysts suggest that Dogecoin （DOGE） could replicate its 2021 bull run, potentially achieving a price gain similar to its previous 18,000% increase based on upcoming technical indicators and market conditions.
Points
- Dogecoin （DOGE） could replicate its 2021 bull run.
- The upcoming weekly golden cross indicates potential bullish momentum.
- Analysts predict DOGE could see a 21,000% price rally in this market cycle.
- Current price is around $0.129, with a potential rise to $1.25 or higher.
Dog
ecoin （DOGE） is showing signs that it might replicate its spectacular 2021 bull run, where it saw a massive 18,000% increase. Crypto analysts believe that similar market conditions and upcoming technical indicators could pave the way for another significant price surge.
Dogecoin’s Upcoming Golden Cross
Crypto analyst Kevin, formerly known as OG Yomi, suggests that DOGE is two to three weeks away from achieving its first weekly golden cross in four years. A golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a bullish trend. In 2021, this technical indicator preceded DOGE’s parabolic price rally, suggesting a similar pattern could unfold soon.
Bullish Predictions and Market Sentiment
Crypto analysts, including Javon Marks and Altcoin Sherpa, have expressed bullish sentiments about DOGE. Marks predicts that DOGE could surpass its 2021 run, potentially seeing a price rally of over 21,000% in this market cycle. He forecasts that DOGE could reach $17, although this ambitious target would give Dogecoin a market cap of about $2.4 trillion, which is significantly higher than its current valuation.
More conservative predictions suggest that DOGE could rise to $1.25, with Altcoin Sherpa agreeing that DOGE has the potential to hit this milestone. The current price of Dogecoin is around $0.129, up over 4% in the last 24 hours, according to CoinMarketCap.
Technical Analysis and Short-Term Price Movement
Crypto analyst The Cryptomist suggests that investors might have one last opportunity to buy DOGE at a discount before it makes a parabolic move. She highlights a rising wedge pattern on Dogecoin’s chart, predicting that the price might drop to as low as $0.08 or $0.05 before it rallies. This view is shared by Crypto Kaleo, who also anticipates a dip to $0.08 before a run to $1.
Challenges and Opportunities
While DOGE has underperformed compared to other major meme coins like Pepe （PEPE）, Floki （FLOKI）, and Dogwifhat （WIF）, the potential for a significant rally remains. The successful achievement of the golden cross could trigger renewed interest and buying pressure, propelling DOGE to new heights.
Explanation
- Golden Cross: A technical indicator that signals a bullish trend when a short-term moving average crosses above a long-term moving average.
- Market Sentiment: Positive sentiment and predictions from analysts can drive investor interest and contribute to price rallies.
- Price Volatility: DOGE’s historical performance shows high volatility, offering both significant risks and rewards for investors.