A new Bull Market signal has emerged, and analysts predict that shitcoin will reach new heights
Renowned cryptocurrency analyst Master Kenobi recently released the latest analysis report, pointing out that the price of DOGE coin ($DOGE) may break through the $3.15 mark in the next 17 days. Based on historical trends, DOGE coin usually experiences two growth phases during a bull market. In the 2017 cycle, these two growth periods lasted 91 days and 217 days respectively, while in 2021, they each lasted 91 days. It is worth noting that DOGE coin has experienced a 9.3% decline in the past 24 hours and failed to break through the key resistance level of $0.38. Nevertheless, many professional analysts remain optimistic about the future development and expect DOGE coin to show strong upward momentum. (As of the time of writing, the price of DOGE coin is $0.379)
Source: TradingView DOGE ($DOGE) PA
There are two different scenarios for price target analysis.
Master Kenobi has proposed two predictive scenarios based on past trends:
If developed according to the bull market cycle in 2017 (scenario one), the DOGE price is expected to reach $1.54 on December 2nd of this year, and climb to $6.88 on July 7th, 2025.
If following the bull market pattern of 2021 (Scenario 2), it is expected to reach $3.15 on December 2nd and hit a historical high of $26.3 on March 3rd, 2025.
This means that the price of shitcoin will experience a staggering increase of 327% to 775%. However, analysts believe that a target of $1.54 is more realistic compared to the optimistic expectation of $3.15.
Image Source: Master Kenobi Master Kenobi presents two predicted scenarios for DOGE based on past trends.
From a technical perspective, DOGE is currently in a rise channel, and the recent price breakthrough is accompanied by a significant volume, which not only supports the effectiveness of the upward trend, but also implies that the market's interest in DOGE is rapidly increasing. This breakthrough pattern may also indicate the imminent arrival of a parabolic price pump. However, investors still need to be cautious of the major resistance level at $0.7399, which was a significant selling pressure level for DOGE at the beginning of 2021. As for the support level, it is located at the previous consolidation zone around $0.22 and the lower edge of the rise channel at approximately $0.12.
Multiple favorable factors resonate, and the future development is worth looking forward to
In addition to technical support, multiple fundamental bullish factors may also drive up the price of DOGE.
First, after the approval of Ethercoin ETF in June this year, the market generally expects that the DOGE ETF is also expected to be approved by regulatory authorities in the near future.
Secondly, the US government has recently shown a more friendly attitude towards Crypto Assets, not only considering establishing a strategic BTC reserve, but also actively formulating regulatory policies conducive to the development of Crypto Assets.
In addition, the adoption rate of Crypto Assets continues to rise. The most noteworthy is the Canadian Spirit Blockchain Capital company's announcement to adopt a investment strategy similar to MicroStrategy, aggressively positioning in DOGE, which undoubtedly injects a shot in the arm into the market.
In addition, the upcoming overall encryption currency bull market in 2025, as well as the expectation of the altcoin season (alt-season), may drive the DOGE price to rise rapidly.
Analysts believe that under the combined driving force of these macroeconomic factors, this wave may be one of the best bull market trends in history. Although DOGE is still facing short-term resistance in price, with the continuous improvement of market sentiment and the gradual entry of institutional investors, DOGE is expected to break through $1.54 and even challenge the new high of $3.15 before mid-December. However, investors should also be aware that the cryptocurrency market is always volatile, so they must maintain a cautious attitude and do well in risk management when making investment decisions.
[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.
"Is Dogecoin welcoming a new Bull Market? If history repeats itself smoothly, it could surge to 3 magnesium at 'this time'!" This article was first published in 'encryption city'
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
6 Likes
Reward
6
1
Share
Comment
0/400
GateUser-63615b65
· 2024-11-16 04:37
You tell me which analyst said it, I guarantee I won't kill him in 17 days.
DOGE welcomes a new Bull Market? If history repeats itself smoothly, it is expected to surge to 3 magnesium at 'this time'!
A new Bull Market signal has emerged, and analysts predict that shitcoin will reach new heights
Renowned cryptocurrency analyst Master Kenobi recently released the latest analysis report, pointing out that the price of DOGE coin ($DOGE) may break through the $3.15 mark in the next 17 days. Based on historical trends, DOGE coin usually experiences two growth phases during a bull market. In the 2017 cycle, these two growth periods lasted 91 days and 217 days respectively, while in 2021, they each lasted 91 days. It is worth noting that DOGE coin has experienced a 9.3% decline in the past 24 hours and failed to break through the key resistance level of $0.38. Nevertheless, many professional analysts remain optimistic about the future development and expect DOGE coin to show strong upward momentum. (As of the time of writing, the price of DOGE coin is $0.379)
Source: TradingView DOGE ($DOGE) PA
There are two different scenarios for price target analysis.
Master Kenobi has proposed two predictive scenarios based on past trends:
If developed according to the bull market cycle in 2017 (scenario one), the DOGE price is expected to reach $1.54 on December 2nd of this year, and climb to $6.88 on July 7th, 2025.
If following the bull market pattern of 2021 (Scenario 2), it is expected to reach $3.15 on December 2nd and hit a historical high of $26.3 on March 3rd, 2025.
This means that the price of shitcoin will experience a staggering increase of 327% to 775%. However, analysts believe that a target of $1.54 is more realistic compared to the optimistic expectation of $3.15.
Image Source: Master Kenobi Master Kenobi presents two predicted scenarios for DOGE based on past trends.
From a technical perspective, DOGE is currently in a rise channel, and the recent price breakthrough is accompanied by a significant volume, which not only supports the effectiveness of the upward trend, but also implies that the market's interest in DOGE is rapidly increasing. This breakthrough pattern may also indicate the imminent arrival of a parabolic price pump. However, investors still need to be cautious of the major resistance level at $0.7399, which was a significant selling pressure level for DOGE at the beginning of 2021. As for the support level, it is located at the previous consolidation zone around $0.22 and the lower edge of the rise channel at approximately $0.12.
Multiple favorable factors resonate, and the future development is worth looking forward to
In addition to technical support, multiple fundamental bullish factors may also drive up the price of DOGE.
First, after the approval of Ethercoin ETF in June this year, the market generally expects that the DOGE ETF is also expected to be approved by regulatory authorities in the near future.
Secondly, the US government has recently shown a more friendly attitude towards Crypto Assets, not only considering establishing a strategic BTC reserve, but also actively formulating regulatory policies conducive to the development of Crypto Assets.
In addition, the adoption rate of Crypto Assets continues to rise. The most noteworthy is the Canadian Spirit Blockchain Capital company's announcement to adopt a investment strategy similar to MicroStrategy, aggressively positioning in DOGE, which undoubtedly injects a shot in the arm into the market.
In addition, the upcoming overall encryption currency bull market in 2025, as well as the expectation of the altcoin season (alt-season), may drive the DOGE price to rise rapidly.
Analysts believe that under the combined driving force of these macroeconomic factors, this wave may be one of the best bull market trends in history. Although DOGE is still facing short-term resistance in price, with the continuous improvement of market sentiment and the gradual entry of institutional investors, DOGE is expected to break through $1.54 and even challenge the new high of $3.15 before mid-December. However, investors should also be aware that the cryptocurrency market is always volatile, so they must maintain a cautious attitude and do well in risk management when making investment decisions.
[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Invest at your own risk.
"Is Dogecoin welcoming a new Bull Market? If history repeats itself smoothly, it could surge to 3 magnesium at 'this time'!" This article was first published in 'encryption city'