Dogecoin Parabolic Rally To Trigger 5,500% Surge To $6, Here’s When
September 24 2024 - 8:30AM
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Expectations for the Dogecoin price remain high as a crypto analyst
has predicted a rally to a new all-time high for the meme coin. Not
only does the analyst expect an eventual break above the coveted $1
level, they push further, expect Dogecon to put on a parabolic
rally that could shock the crypto market. This could catapult the
DOGE cryptocurrency forward, and put on a performance that could be
reminiscent of its 2021 price surge. Dogecoin Completes
Accumulation Phase In an analysis posted on the TradingView
website, pseudonymous crypto analyst TradingShot has given a
bullish forecast for the Dogecoin price. First, the analyst points
back to a previous analysis first shared around a year ago. This
analysis had predicted that the DOGE price would enter an
accumulation phase before the surge. Related Reading: Diamond Hand
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forward to the present, the crypto analyst explains that Dogecoin
did, in fact, enter this accumulation phase and completed it as
predicted. This brings the crypto analyst to the next phase of the
forecast, which is the price surge from here. As TradingShot
explains, this accumulation phase was present in previous bullish
cycle, making it an important fixture here. Furthermore, a
bullish cross at the 1-Week 50 and 00-Moving Averages, as well as
the 1-Week 100-Moving Average holding steady after coming to a
Channel Down/Bull Flag, leads it into its Parabolic Rally
phase, which is where the fun begins. Price Targets For DOGE’s
Parabolic Rally With the Dogecoin price now entering the parabolic
rally phase of the forecast, the crypto analyst has presented the
possible levels that the DOGE price could reach. For the most
conservative lives, the crypto analyst predicts that a rise to $2
is possible. TradingShot refers to this 1,760% rally from the
current level as the “proper target” for this cycle. Related
Reading: Analyst Predicts 8,500% Rally For Cardano To Reach $31 As
Indicators Turn Bullish However, just like with any parabolic
rally, there is the possibility that the price will continue
to rise even after reaching its realistic target. In what the
analyst calls an “overextension case,” they explain that the price
could rise 5,500% to reach as high as $6. But there would have to
be some new developments, such as “some news/ fundamentals
introduce new uses/ adoption for Doge and the market reacts with
very aggressive capital inflows.” As for the timeline for when this
forecast would be realize, it doesn’t seem too far off as the
analyst puts it sometime in 2025.Using the previous cycle tops for
Dogecoin’s parabolic rallies, TradingShot puts the pico top
sometime around August 4, 2025. This means there’s only 11 months
left until this whole prediction could come to fruition. Featured
image created with Dall.E, chart from Tradingview.com
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