Dogecoin prices are on another parabolic rise, which will allow the meme coin to enter the price discovery phase and hit new highs in this market cycle. Cryptocurrency analyst Mikybull Crypto said that as Dogecoin enters the price discovery phase, its price may replicate its 16,000% increase in 2020.

Dogecoin eyes parabolic rally for price discovery

Mikybull Crypto said in an X post that Dogecoin’s massive parabolic rally is driving price discovery. The analyst noted that entering the price discovery phase is interesting because Dogecoin’s price rose by more than 16,000% in 2020 when it broke through the relative strength index (RSI) 70 level.

In line with this, Mikybull Crypto said that the $1 to $3 range remains Dogecoin’s price target in this bull run. The analyst also recently said that Dogecoin could rise to $4 based on Fibonacci levels that align with Dogecoin’s performance after the last golden cross.

Cryptocurrency analyst Master Kenobi also recently stated that the price of Dogecoin could rise to $2 during this market cycle. He believes that this will be achieved through the rapid flow of capital and market frenzy. Interestingly, while making this prediction, the analyst also raised the possibility of Dogecoin surpassing Solana and BNB to become the third largest cryptocurrency by market capitalization.

Meanwhile, the analyst also stated in a recent analysis that DOGE will soon enter a price discovery phase. He highlighted a 91-day sequence, which Master Kenobi noted that DOGE is 20 days away from completion. He predicted that between now and then, DOGE could rally to $1. Specifically, he set December 2 as the timeline for achieving the goal.

Cryptocurrency analyst Dj Anas also recently predicted that the price of Dogecoin could reach $1 by the end of the year. He made this prediction based on Fibonacci levels, which he claims support Dogecoin’s parabolic rally to this target.

DOGE may experience a correction first

Amid these bullish predictions for Dogecoin’s price, cryptocurrency analyst Kevin Capital said Dogecoin may first go through a correction before entering a price discovery phase. In an X post, the analyst highlighted a symmetrical triangle and said there is a 50/50 chance of a price breakout or breakdown.

However, he said he still favors a pullback as the daily RSI is above 90, which suggests that the meme coin is currently in overbought territory. The analyst previously predicted that Dogecoin could fall to $0.26 after a price pullback.

At the time of writing, Dogecoin is priced at around $0.39, up more than 7% in the past 24 hours, according to CoinMarketCap.