Dogecoin could follow historical patterns, potentially reaching a target price of $1.17 in the current market cycle.
Breaking a significant downtrend line and entering consolidation could signal a potential upward rally.
Growing interest in memecoins may fuel Dogecoin's price momentum, as it benefits from the "memecoin supercycle.
In a recent trading strategy assessment, an independent trading analyst suggests that Dogecoin ($DOGE) may soon experience price volatility. With regard to its historical price trends, the analyst suggests that this popular crypto could follow the same path as its exponential bullishness last year, which may hit $1.17 in the current cycle. The expert acknowledges a ‘memecoin supercycle’ as a powerful argument, with Dogecoin set to gather more popularity among meme coins.
Historical Patterns, and Growing Interest in Memecoins
From the chart provided by the analyst, It can be seen that Dogecoin has had a pattern of an increase in value when the community is holding and after the short “test pump” period. For instance, Dogecoin rose by 170 times in 2021, thanks mainly to a loyal fan base and many influential personalities.
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The investigation shows that such a tendency is also observed in the Dogecoin price chart: after the price consolidation followed by an initial pump, which indicates another potential parabolic motion.This analysis also extends into further explanation of another emerging category of cryptocurrencies known as memecoins which began trending in the year 2021 because of their viral and listing nature.
According to the expert, this is apparent in what he refers to as a memecoin supercycle; there is always hope that revived interest in meme coins will drive demand for Dogecoins. Although memecoins are generally unproven, the active community behind DOGE and its popularity can keep it afloat in case of an overall market bull run.
Current Indicators Pointing to a Potential Rally
Using technical analysis, the expert affirms the importance of five technical signs that give Dogecoin signal for another parabolic run. This look appears to point to a downtrend line that has been breached and the Dogecoin has been within the $0.14 range, likely establishing for an upsurge token in the future.
The analyst has further provided a conservative target at $ 1.17 which is 8 fold the current price. This target is therefore reasonable given historical averages and current market conditions though the analyst caution that these may likewise change at any time.
The post Memecoin Supercycle: Why Analysts Are Eyeing $1.17 for Dogecoin’s Next Move appeared first on Crypto News Land.
