Dogecoin Price Crash Part Of The Master Plan? Analyst Reveals Why ATH Above $1.5 Is Next

Share This Post

Dogecoin’s price action over the past 24 hours has reflected the turbulence sweeping across the broader crypto market. The meme coin suffered a sharp decline on February 3, tumbling by double digits as the market underwent a widespread selloff, triggering mass liquidations across multiple cryptocurrencies. Dogecoin itself was not spared, with a considerable number of traders facing liquidations.

However, despite the short-term pain, crypto analyst ÐOGECAPITAL (@DimaPotts36) suggests that this downturn was part of a much larger setup, one that could catapult Dogecoin beyond its all-time high toward a new peak between $1.50 and $2.10.

Dogecoin Price Crash Aligns With Historical Trends

ÐOGECAPITAL’s latest analysis indicates that Dogecoin’s recent crash was anticipated as part of the asset’s broader market cycle. The analyst shared insights pointing to historical price behavior, drawing comparisons to Dogecoin’s previous bullish cycles. On November 24, 2024, the analyst had outlined expectations for a significant correction, referencing how the price had previously retraced after reaching the 78.6% Fibonacci level in a past cycle.

At that time, Dogecoin had surged to this key Fibonacci level before experiencing a sharp -56% pullback, which later gave way to a massive rally. The analyst had emphasized that this pattern could repeat, warning that investors should expect significant corrections on the way to new highs. With DOGE now undergoing a similar retracement, ÐOGECAPITAL believes the conditions are aligning for the next leg of the rally.

Price Rebound Could Push DOGE Price To $1.50 And Beyond

Following the expected pullback, which materialized as Dogecoin reached a bottom of $0.2237 in the past 24 hours, the analyst noted that Dogecoin is now gearing up for an eventual push to new highs. In his latest statement, he reaffirmed his confidence that the asset will soon resume its upward trajectory.

Once the pullback is over, Dogecoin could resume its upward trajectory and start trading above multi-year resistance levels. In this case, the analyst noted that this could push the meme coin towards a peak of at least $1.5 or to an upper end of $2.10. These targets are grounded in Fibonacci extension levels from the 2022 bear market low.

Dogecoin

As of now, DOGE is in its third cycle and might be on the way to repeat the outcome of the second cycle. Notably, the price projections don’t stop here, as the Fibonacci extension analysis shows that Dogecoin could even reach as high as $3.94 this cycle.

Despite the bearish sentiment surrounding the recent price drop, ÐOGECAPITAL’s analysis provides a bullish outlook. At the time of writing, DOGE is trading at $0.2636, up by about 6.3% in the past 24 hours. However, it still remains down by about 21.3% in a seven-day timeframe, having lost the support at $0.31. The first step to reaching $1.5 would be for the Dogecoin bulls to regain this support at $0.31 and then break above resistance at $0.5 before eventually breaking above its current all-time high of $0.73.

Dogecoin

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Faces Persistent Resistance at $100K, Analyst Eyes Next Step

Weeks after hitting an all-time high above $109,000, Bitcoin’s price remains under pressure It is currently trading below the $100,000 mark, an 114% decrease from its peak The crypto asset’s

Bitcoin Mining’s Power Brokers: A Deep Dive Into the Top 15 Companies and Their Financial Architects

Institutional investors now hold pivotal stakes in 15 major cryptocurrency mining firms, with asset managers like Vanguard, Blackrock, and Fidelity steering ownership across an increasingly

Federal Reserve Chair Backs Bitcoin As ‘Digital Gold’—A Turning Point For Crypto?

Despite the challenging macroeconomic environment, Federal Reserve chairman Jerome Powell has revised his stance on Bitcoin, which has given investors cautious hope for cryptocurrencies Comparing

Ethereum Price Recovery: Analyst Predicts Blow Off Top To $3,300 In One Week, Here’s Why

The Ethereum price is showing strong signs of a potential breakout, as an analyst predicts a surge to $3,300 in just one week This forecast shows Ethereum’s projected successful breach of a key

Metaplanet Expands Bitcoin Holdings With Additional Purchase of 269.43 BTC

Metaplanet announced on Monday that it has acquired an additional 26943 BTC, valued at approximately $264 million (¥4 billion) This latest purchase brings the company’s total holdings to

XRP trading booms on US exchanges as ETF speculation heats up

The demand for XRP exceeds that of other crypto on US-based exchanges, with trading volumes surging significantly since November, according to a recent Kaiko report The report highlighted XRP growth