The Dogecoin price is currently enjoying a bull run, especially considering its gains over the past few weeks. This has led to discussions on how high the meme coin could rise in this market cycle, with $3 a possibility. However, crypto analyst Kevin Capital has explained why a rally to $3 is very unlikely.
Can The Dogecoin Price Reach $3
In an X post, Kevin Capital opined that it is highly unlikely that the Dogecoin price will reach $3.90 in this market cycle. He explained that the top meme coin has reached the 1.618 macro golden pocket in every Dogecoin cycle.
The analyst further revealed that the current macro golden pocket is $3.90. However, Kevin Capital said that if the Dogecoin price top is measured from the top before Elon Musk’s Saturday Night Live in 2021, then the macro golden pocket is at $1.80. As such, he believes that the $3.90 target is unlikely and added that even $1.80 is a “stretch” but achievable depending on how the Bitcoin price rallies.
Amid this analysis, Kevin Capital also revealed that Dogecoin was on the brink of another weekly Golden Cross. He claimed that the last time this happened was four years ago. Back then, after the Golden Cross happened, DOGE witnessed three weeks of a dip and consolidation before it went on to make a cycle top 119 days after the cross.
According to the analyst, the DOGE price could cool off over the next two to three weeks if its price action mirrors the last cycle’s. Then, a parabolic rally will start, which will span from December to April 2025. Kevin Capital predicts the meme coin will top around the middle or towards the end of the spring of 2025.
A $10 Target May Be Possible
While Kevin Capital has suggested that a Dogecoin price rally to $3 is highly unlikely, crypto analyst Dima James has raised the possibility of the meme coin even rushing to $10 in this market cycle.
The analyst alluded to DOGE’s weekly and historical performance while explaining that this price target was possible. He stated that the weekly chart highlights how DOGE’s performance has historically turned positive after the green and red lines crossed, leading to green weeks. This pattern is again playing out in this cycle, which indicates that it can record a massive price rally.
The analyst added that a parabolic move usually begins for the Dogecoin price when it rises above the yellow line on the weekly timeframe. Dima James stated that DOGE needs to close the week above $0.18 to confirm this parabolic move.
In the 2016 and 2021 bull runs, Dogecoin enjoyed a price gain of over 8,000% and 18,000%, respectively, after it closed the week above the yellow line. If history repeats itself, the analyst believes that the Dogecoin price will record a similar gain or even larger due to factors like adoption and technological advancements.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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: