Crypto Analyst Defines Dogecoin Price Top for Cycle
Meme coin Dogecoin seems to be consolidating below $0.4. In the previous five days, Dogecoin has dropped below $0.4 to $0.343. DOGE's price performance will raise the question of whether this bull cycle has peaked.
Not all market participants share this view.
This cycle's Dogecoin peak?
The Dogecoin price surge has halted from November 13's three-year high of $0.4265. Kevin noted that the Dogecoin price has more opportunity to grow using an interesting technical signal. His study implies DOGE's price peak for this cycle might reach $3.9, quadrupling its all-time highs.
Kevin's prediction depends on a novel use of the Pi Cycle topping indicator, typically utilized for Bitcoin but remarkably accurate in monitoring Dogecoin price behavior per cycle. He says the indicator, which combines two moving averages with the Monthly Relative Strength Index (RSI), has properly anticipated Dogecoin price peaks and bottoms for years. In particular, the weekly candlestick Dogecoin price chart that accompanies this prognosis indicates that the Pi Cycle successfully anticipated 2018 and 2021 cycle peaks and troughs.
The expert noted that Dogecoin's Pi Cycle tops indicator's moving averages are trending in the same direction but not yet crossing. It seems like Dogecoin has more space for growth before its expected peak.
Kevin predicts a price peak of $3.9 using the 1.618 Fibonacci extension level from this cycle's Pi Cycle low. Historical Dogecoin price history shows that cycle peaks in 2018 and 2021 corresponded with the same Fibonacci extension level from their Pi Cycle lows. The analyst also recommended monitoring intermediate price ranges like $0.9 to $1.3 and $2.3 to $2.7 as thresholds for the expected cycle peak.
With 146.86 billion DOGE tokens in circulation, a $3.9 Dogecoin price would value it at $572 billion.
Dogecoin is now trading at $0.389, up 3.5% in 24 hours and down 5.2% in 7 days. The $3.9 Dogecoin price objective is 902% higher than the current price.
