As Dogecoin remains just below $0.4 levels, speculation among crypto enthusiasts rages about whether its value has reached its zenith this cycle. Over the past five days, Dogecoin’s value has fluctuated below this threshold and dropped as low as $0.343. Such performance raises many questions about its future path.
Kevin of @Kev_Capital_TA, an analyst for crypto trading platform Cryptopia, offers an optimistic viewpoint for Dogecoin: its journey is far from over; he predicts an impressive increase to reach $3.9 this cycle.
Forecasting Dogecoin’s Climactic Rise
Though Dogecoin saw its rally slow since reaching a peak at $0.4265 on November 13, Kevin’s analysis points towards its potential recovery. Utilizing the Pi Cycle tops indicator – normally applied to Bitcoin – Kevin suggests that its potential peak could quadruple previous all-time highs and reach as high as $3.9.
The Pi Cycle tops indicator, an amalgamation of two moving averages with RSI, has long pinpointed Dogecoin’s price peaks and troughs with astonishing precision. According to Kevin, this tool indicates that Dogecoin’s moving averages have yet to converge — signaling significant upward momentum prior to reaching their projected peaks.
The Implications of a $3.9 Dogecoin Price
Kevin bases his $3.9 target on a prediction made based on the 1.618 Fibonacci extension level drawn from this cycle’s Pi Cycle low. Kevin points to previous cycles in which such Fibonacci levels marked price peaks for Dogecoin. Furthermore, Kevin highlights several intermediate price levels to watch out for as it approaches its anticipated peak: $0.9 to $1.3 and $2.3 to $2.7 as indicators that the coin could soon reach this goal.
Reaching a price point of $3.9 would catapult Dogecoin’s market cap to approximately $572 billion given its current circulating supply and put it above Ethereum in terms of market capitalization rankings, provided Ethereum remains unchanged in value. Presently, Dogecoin trades at $0.389 with daily increases of 3.5% but 5.2% weekly declines; reaching this mark would represent an astonishing 902% jump over its current valuation.
