Crypto analysts suggest Dogecoin （DOGE） might replicate its 2021 bull run, with potential price gains similar to the 18,000% increase seen during that period.
Points
- Dogecoin could replicate its 2021 bull run.
- Analysts predict significant price gains.
- Technical indicators suggest bullish momentum.
Crypto analyst Kevin （formerly OG Yomi） has made a bullish case for Dogecoin （DOGE）, suggesting that the meme coin could replicate its 2021 bull run when it saw an astounding 18,000% price increase.
Dogecoin Could Soon Replicate Its 2021 Bull Run
Kevin’s analysis indicates that Dogecoin is two to three weeks away from achieving its first weekly golden cross in four years. The golden cross, a bullish indicator, occurs when the 50-day moving average crosses above the 200-day moving average. Kevin noted that during its 2021 run, Dogecoin went “parabolic” for six straight months, enjoying an 18,000% price rally.
Bullish Predictions from Other Analysts
Other crypto analysts, like Javon Marks, have also raised the possibility of Dogecoin surpassing its 2021 performance in this market cycle. Marks predicted that Dogecoin could see a price rally of over 21,000%, potentially rising to $17. This prediction is based on Dogecoin’s historical breakout trends, where the meme coin has enjoyed more significant rallies in each subsequent bull run.
Marks recently stated that Dogecoin’s rise to $0.6533 is only a matter of time and that it could experience a 90% price rally to $1.25. While a $17 target seems ambitious, given it would place Dogecoin’s market cap at around $2.4 trillion, a price target of $1 appears more feasible. This target is supported by other analysts, including Altcoin Sherpa.
Investors’ Last Opportunity to Buy DOGE
Crypto analyst The Cryptomist suggested that investors will have one last opportunity to buy Dogecoin at a discount before it makes its parabolic move. She highlighted a rising wedge pattern on Dogecoin’s chart, predicting a drop to as low as $0.08, possibly $0.05, before a significant rally.
The Cryptomist remains bullish on Dogecoin long-term, stating that the meme coin has a high chance of reaching $1 this year. Crypto analyst Crypto Kaleo also recently predicted a drop to $0.08 before a run to $1.
At the time of writing, Dogecoin is trading at around $0.129, up over 4% in the last 24 hours, according to data from CoinMarketCap.
As investors await these potential movements, Dogecoin’s performance will continue to be closely watched by the crypto community.