A new wave of bull market signals appears, analysts predict that Dogecoin will reach another peak
Well-known cryptocurrency analyst Master Kenobi recently released the latest analysis report stating that the price of Dogecoin ($DOFE) may exceed the $3.15 mark in the next 17 days. Based on historical trends, Dogecoin typically goes through two stages of growth during bull markets. In the 2017 cycle, these two growth phases lasted 91 days and 217 days respectively, and in 2021, they lasted 91 days each. Notably, Dogecoin saw a 9.3% drop in the last 24 hours, failing to break through the key resistance level of $0.38. Despite this, many professional analysts are still optimistic about the market outlook and expect Dogecoin to show strong upward momentum. (As of writing, the price of Dogecoin is $0.379)
Chart source: TradingView Dogecoin ($DOGE) Price Trend
Analysis of two forecast scenarios with different price targets
Master Kenobi proposes two forecast scenarios based on past trends:
If the 2017 bull market cycle develops (scenario one), the price of Dogecoin is expected to reach $1.54 on December 2 this year and climb to $6.88 on July 7, 2025.
If it follows the 2021 bull market pattern (scenario two), it is expected to hit $3.15 on December 2 and reach an all-time high of $26.3 on March 3, 2025.
This would mean a staggering price increase of 327% to 775% for Dogecoin, although analysts believe that the target of $1.54 is more realistic than the optimistic forecast of $3.15.
From a technical perspective, Dogecoin is currently in an upward channel, and the recent price breakthrough has been accompanied by huge trading volume. This not only supports the validity of the upward trend, but also implies that the market’s interest in Dogecoin is rapidly heating up. This breakout pattern is more likely to indicate that a parabolic price increase is coming. However, investors will still need to be wary of major resistance at $0.7399, which is the level at which Dogecoin came under significant selling pressure in early 2021. In terms of support levels, they are located at the previous consolidation range of $0.22 and the lower edge of the rising channel at about $0.12.
Multiple bullish factors resonate, and the market outlook is worth looking forward to
In addition to technical support, a number of fundamental positive factors may also drive the price of Dogecoin upward.
First, after the Ethereum ETF was successfully approved in June this year, there is widespread expectation that the Dogecoin ETF will also receive regulatory approval in the near future.
Secondly, the U.S. government has recently shown a more friendly attitude toward cryptocurrencies. It not only considers establishing strategic Bitcoin reserves, but also actively develops regulatory policies that are conducive to the development of cryptocurrencies.
In addition, the adoption rate of cryptocurrency continues to rise. The most eye-catching one is that the Canadian company Spirit Blockchain Capital announced that it will use an investment strategy similar to MicroStrategy to invest in Dogecoin. This will undoubtedly give the market a shot in the arm.
This, coupled with the impending overall cryptocurrency bull run in 2025 and expectations of an alt-season, could push Dogecoin prices up quickly.
Analysts believe that driven by these general economic factors, this wave may be one of the best bull markets in history. Although the price of Dogecoin is still facing short-term resistance, as the market atmosphere continues to improve and institutional investors gradually enter the market, Dogecoin is expected to break through $1.54 before mid-December and even challenge a new height of $3.15. However, investors should also note that the cryptocurrency market has always been highly volatile and must remain cautious and manage risks when making investment decisions.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
“Dogecoin ushering in a new bull market? If history repeats itself smoothly, it is expected to reach 3 mg by "this time"! 』This article was first published in "CryptoCity"
