Crypto analyst forecast a potential timeframe for Dogecoin price to reach $20 despite its recent price plunge. Over the past month, DOGE has fallen by 25% amid a downtrend affecting most major altcoins. Currently, Dogecoin’s trading price hovers near key support levels, underscoring the bearish momentum in the wider crypto market.
Analyst Outlines When Dogecoin Price Could Hit $20 Mark
Crypto analyst has detailed the Dogecoin price trajectory in relation to Bitcoin halving events in 2020 and 2024. Bing notes a 178-day accumulation period initially, followed by a 59-day sharp increase where Dogecoin achieved its annual peak as its Relative Strength Index surpassed 50. This spike was trailed by a 25-day distribution phase marked by a sudden price surge.
Completing the cycle, a 100-day distribution phase set the peak for Dogecoin’s trading cycle. According to expert, Dogecoin’s price action has mirrored these phases consistently with each Bitcoin halving event eyeing $20.
According to the expert, this fractal is repeating, and Dogecoin price is in the penultimate phase, which follows a parabolic phase. Based on the analyst’s projections, DOGE’s value could exceed $20.
DOGE Technical Indicators
At the time of reporting, the DOGE price is trading at $0.3213, marking a 2% decrease over the past 24 hours. The price fluctuated within a narrow range, hitting a low of $0.3117 and a peak at $0.3289 during the same period.
Dogecoin price has seen a strong growth over the past year, climbing by more than 250%. The popular meme coin has captured market attention with its resilience and potential for further gains.
If bullish momentum makes a comeback, DOGE could surpass key resistance levels and aim for higher milestones. Despite the seemingly distant $20 target, speculation could fuel a potential rally to the $0.5 level in the near term.
A potential rally could push the cryptocurrency toward $0.73, revisiting its previous all-time high. Speculators believe the $1 milestone is achievable in the near term, driven by favorable market conditions.
If the broader crypto market, led by Bitcoin, resumes its upward trend, Dogecoin price might even test the $2 level. Such gains would align with a market-wide bullish rally fueled by investor optimism.
External factors such as expectation and rumours that are related to the US government’s actions and any changes in administrations also, can affect the market sentiment. Prominent figures like Elon Musk, known for his vocal support of Dogecoin, could play a role in shaping investor confidence.
There is still some downside risk, though. The price trend of Dogecoin however may see a decrease below the $0.30 support level in case of selling pressure. This scenario will be quite tough for the cryptocurrency as it faces the market volatility.
In summary, While reaching $20 is ambitious for Dogecoin price, it’s driven by speculative fervor. Such projections should be approached with caution, considering broader market trends.
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