Crypto analyst DOGECAPITAL has provided an ultra-bullish outlook for the Dogecoin price, suggesting it could rally to as high as $80. The analyst’s chart also hinted at when the foremost meme coin could reach this ambitious price target.
Here’s When The Dogecoin Price Could Reach $80
In an X post, DOGECAPITAL made an analysis of the Dogecoin price in which he suggested that DOGE could rally to as high as $80. His accompanying chart showed that the foremost meme coin could reach this target between now and 2026.
In his analysis, he also explained why the DOGE price is primed for a parabolic rally. DOGECAPITAL noted that in previous cycles, Dogecoin has always witnessed a parabolic upward reversal whenever the meme coin has approached the lower white on his accompanying chart, especially in the fourth year of each cycle.
A similar price action already looks to be playing out for DOGE. The analyst remarked that market participants are seeing another opportunity for a bounce at the lower white line, similar to the pattern seen in 2021. He added that if historical trends repeat, Dogecoin will likely begin its upward reversal soon, entering phase 2 of its parabolic rise.
DOGE Replicating 2017 Pattern
Crypto analyst Master Kenobi revealed that the current pattern on the DOGE chart rhymes well with the 2017 pattern. He further remarked that the bull market then consisted of two roughly equal pumps, both in terms of value and duration.
Based on this similarity between the current price action and that of the 2017 bull run, the crypto analyst predicted that the top meme coin could reach a top of $1.1 sometime in the first week of June. He added that there is no guarantee this will actually happen, but as an interesting observation, he claimed that it might be worth considering.
Crypto analyst Trader Tardigrade also provided a bullish outlook for the Dogecoin price, He revealed that the DOGE’s weekly candle closed with a Doji. The analyst noted that this indicates a potential reversal from a downtrend to an uptrend at this level. Alluding to previous DOGE candles, he added that there was a Doji right at the start of the last surge.
In another post, Trader Tardigrade asserted that Dogecoin is building momentum for an uptrend reversal. He revealed that the 4-hour chart shows an ascending triangle with higher lows formation.
Crypto analyst Ali Martinez mentioned that Dogecoin is at the edge, facing a big test. He raised the possibility of the meme coin dropping below $0.16711. However, if it holds firm, it could rebound to as high as $6.5.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: