The best is yet to come for Dogecoin this bull cycle, according to a prominent market analyst, who predicts an over 2,000% rally to unprecedented prices.
Market watcher Kevin shared a Dogecoin price update in a May 1 analysis amid recent positive trends. The analyst highlighted that the leading meme coin has shown strong bullish traction, citing catalysts that would propel a parabolic expansion to $3.943.
Notably, the analysis comes when Dogecoin, the largest meme coin by market capitalization, is starting to find its footing. DOGE surged 15% last week and is up an impressive 38% from April’s low of $0.129.
Indicators Look Good
Kevin noted that Dogecoin has defended the macro support at the 0.382 Fibonacci extension, currently at $0.138. The support was initially a resistance trendline on the monthly timeframe, which the token broke above following its November rally. Notably, DOGE retested an ensuing wedge on the chart and has since bounced from the region to its current price.
The market watcher insists that the prominent meme coin’s current price presents a phenomenal risk-to-reward opportunity. According to the commentary, Dogecoin has yet to resume its super trends on the monthly chart, and its relative strength index (RSI) is at the same level as when it traded at $0.0011 years ago.
As a result, Kevin suggests that Dogecoin has a “ton of room to run to the upside.” Specifically, he predicted an upward trajectory to the 1.618 macro golden pocket, a Fibonacci extension that DOGE has typically peaked at in all previous bull cycles. Interestingly, the level correlates with a price target of $3.94, an over 2,087% uptick from its current trend.
Easing Phase and Bitcoin Dominance Peak to Spur Rally
Meanwhile, the commentary highlighted that the macroeconomic tailwind from quantitative easing would enhance the projected Dogecoin rally. For perspective, Fed Chair Jerome Powell recently revealed that there would be at least two rate cuts before the end of the year, a proper catalyst for a crypto rally.
The watcher highlighted that the momentum, coupled with a potential peak in Bitcoin dominance, will ensure DOGE reaches its ambitious $3.94 target. According to the commentary, BTC’s market share, currently at 64.87%, is expected to reach a local peak in the summer, and altcoins like Dogecoin will resume a parabolic expansion to unprecedented prices.
Remarkably, Kevin is not the only commentator with a bullish outlook for Dogecoin; several other analysts have predicted that the meme coin will see higher prices. An outlook from CobraVanguard projects a DOGE rally to a new all-time high of $0.88, with prominent asset manager 21Shares forecasting a surge to $1.42 this year in a bullish case.
At the time of writing, Dogecoin trades at $0.1801, up 4% since the start of May.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
