The Dogecoin meme coin appears to be starting to consolidate just below the $0.4 price level. Notably, Dogecoin's price has traded below $0.4 for the past five days, reaching a low of $0.343. It is no surprise that this DOGE price performance will lead to the question of whether it has reached the peak price of this bull cycle.

However, not all market participants agree with this line of reasoning. According to technical analysis from cryptocurrency analyst Kevin (@Kev_Capital_TA), Dogecoin's price has not yet reached the peak of this cycle.

Where will Dogecoin's price peak in this cycle?

The Dogecoin price rally has slowed since reaching a three-year high of $0.4265 on November 13. However, with the support of an appealing technical indicator, Kevin emphasized that Dogecoin's price still has plenty of room to rise. His analysis suggests that the highest DOGE price in this cycle could reach $3.9, a level that would quadruple the current all-time high.

Kevin's forecast relies heavily on the unique application of the Pi Cycle top indicator, a tool commonly used for Bitcoin but, as he notes, has proven surprisingly accurate in tracking Dogecoin's price behavior in each cycle.

He explains that this indicator, combining two moving averages with the monthly Relative Strength Index (RSI), has accurately predicted the peaks and troughs of Dogecoin's price for years. Notably, the weekly candlestick price chart of Dogecoin accompanying this outlook shows that the Pi Cycle has accurately predicted the peaks and troughs of Dogecoin's cycle in 2018 and 2021.

The analyst notes that although the moving averages in Dogecoin's Pi Cycle top indicator are heading in the same direction, they are still far from crossing each other. This indicates that Dogecoin has plenty of room to rise before reaching the anticipated peak.

Dogecoin's price peak at $3.9: What does that mean

Kevin's predicted price peak is $3.9, derived from the Fibonacci extension level of 1.618 when projected from the low of this cycle's Pi cycle. This approach reflects Dogecoin's historical price performance, where previous cycle peaks in 2018 and 2021 coincided with the same Fibonacci extension level from the respective Pi cycle lows. The analyst continues to emphasize the intermediate price ranges to watch, including $0.9 to $1.3 and $2.3 to $2.7, as key milestones on the path to reaching the predicted cycle peak.

A Dogecoin price of $3.9 would bring its market capitalization to around $572 billion, considering the current circulating supply of 146.86 billion DOGE tokens. Such a large market cap would place Dogecoin above Ethereum in the market cap rankings, indicating that the latter's price is not rising at the same pace as Ethereum. At the time of writing, Dogecoin is trading at $0.389, up 3.5% in the 24-hour timeframe and down 5.2% in the seven-day timeframe. Achieving the Dogecoin price target of $3.9 would represent a 902% increase from the current price.