After Dogecoin broke through a brief consolidation period, its price showed signs of an upward trend. This breakthrough was due to Bitcoin rising to a historic high of $94,041. Market analysts speculate that after the breakout, Dogecoin's price could soar by 5,100% by the end of this bull market. Will Dogecoin live up to expectations? Let's find out.
Analysts predict Dogecoin's price will soar by 5,100%
Cryptocurrency analyst Alan (@TATrader_Alan) predicts that by the end of this bull market, DOGE's price will soar to $20. According to Alan, 'The DOGE bull market has only just begun.' He predicts that the first rise from the current price will reach $2, followed by a second rise to $20. This would result in a 5,100% increase.
Analyst Kevin (@Kev_Capital_TA), who focuses on Dogecoin, stated that Dogecoin is far from reaching its peak. Kevin uses the Pi Cycle indicator, which he says 'accurately predicts the tops and bottoms of Dogecoin in each cycle.' According to this indicator, Dogecoin still has a higher chance of rising before any profit-taking signals start to flash.
His analysis supports Alan's bullish outlook, as the rise from the current price to $2 would mark a 5.26-fold increase, followed by a brief pause characterized by investors taking profits from the market.
Bitcoin ATH: Catalyst for DOGE?
On the evening of November 19, according to Coingecko data, Bitcoin's price soared to a historic high of $94,041, driving other market prices up. As BTC's price rose again, Dogecoin's price also surged, reaching a peak of $0.4161, confirming the breakout of the previous bull market triangle flag.
The rise in Bitcoin has consistently affected Dogecoin, as the correlation coefficient between the two is 0.65, according to data from blockchain center's crypto correlation tool, which has been rising since November 2023.
This means that Dogecoin is likely to rise and fall with Bitcoin. Therefore, BTC volatility becomes the catalyst for Dogecoin's price movements.
DOGE Price Analysis: Key Levels to Watch for Dogecoin
Currently, Dogecoin's price has broken through the consolidation zone, and the meme coin is facing a short-term resistance in the range of $0.41 to $0.42. If this resistance persists, Dogecoin's price may consolidate between $0.35 and $0.42 until new buying pressure pushes it higher.
Key resistance levels to note include $0.41, $0.42, and $0.4329. Conversely, Dogecoin may find support around $0.36 and $0.25. A drop below these levels could invalidate the current bullish argument, turning Dogecoin bearish in the short term.
Can DOGE really achieve a 5,100% surge?
Dogecoin price predictions indicate that if it follows previous historical patterns, the asset could soar by 5,100%. This would push the price of this meme coin to $20, inflating its market capitalization to about $3 trillion. However, the rise to $20 will occur in two phases: first rising to $2, then a brief pause, followed by a second wave of larger gains that will push Dogecoin's price to $20.
