Dogecoin continues to consolidate just below the $0.44 level, but positive sentiment remains at its highest in years. Cryptocurrency analyst Kevin, known on social media platform X as @Kev_Capital_TA, has shared a fresh perspective on the positive trajectory of Dogecoin's price, maintaining that the range from $1.30 to $1.50 remains a feasible target. His recent post points to this price zone as a critical point on his macro chart, aligning with the current market sentiment surrounding Dogecoin.
Review Kevin's previous Macroeconomic Analysis and Forecast
This bullish prediction relates to Dogecoin's price based on Kevin's previous analysis from September 18, when he outlined a broader price target as it approaches a golden cross on the weekly timeframe for the first time in four years. This technical pattern is often seen as a signal of sustainable bullish momentum.
At that time, he suggested that Dogecoin's price performance in this cycle could lead to a price range from $0.93 for moderate growth to a high of $3.80 in an exceptionally strong market environment. Interestingly, both of these targets would see Dogecoin trading at new highs above the 2021 peak.
At that time, Dogecoin was trading at $0.10 and was on track to break above the upper trendline of a descending channel. Since then, the price has peaked at $0.44, corresponding to a 340% increase.
Since the analysis, the meme coin has shown this golden cross, boosting a strong bullish outlook for its price trajectory. The target of $1.30-$1.50 updated by Kevin reflects a midpoint that mirrors both the current trajectory of the coin and its ongoing growth potential under favorable conditions.
The Path to $1.5
The sample chart of Dogecoin and the broader market sentiment support Kevin's optimism. At the time of writing, Dogecoin is trading at $0.4237 and has decreased about 2.5% in the past 24 hours since reaching a peak of $0.44. Interestingly, this peak of $0.44 has seen Dogecoin's price hit its highest level since May 2021.
Achieving a price target of $1.30 or $1.50 would correspond to an additional increase of 172% and 240% from the current price. However, the first step will be a decisive breakout above $0.44 and then a subsequent breakout above the current all-time high of $0.7316.
Having increased 330% in the past six weeks, Dogecoin is showing signs of sustainable growth, supported by market conditions and technical indicators. Dogecoin enthusiasts are eagerly anticipating the outcome of the scheduled speech by Government Efficiency leaders Elon Musk and Vivek Ramaswamy before Congress on December 5.