Dogecoin is preparing for a significant price increase after a short-term consolidation period. Bitcoin helped Dogecoin gain momentum by reaching a new all-time high of $94,041. Analysts are predicting that DOGE could increase by 5,100% after this rally. So, can these expectations come true?
Crypto analyst Alan predicts that Dogecoin could reach $20 at the end of this bull cycle. According to Alan, DOGE is likely to rise to $2 in the first stage. Then, there could be a big jump from this level to $20. This would indicate an increase of about 5,100% from the current prices. Another analyst, Kevin, states that Dogecoin has not yet reached its peak. Kevin emphasizes that DOGE still has strong upside potential using cyclical analysis tools such as the Pi Cycle indicator.
Bitcoin reaching a record high of $94,041 had a generally positive impact on the crypto market. Dogecoin took advantage of this rise and climbed to $0.4161. According to Blockchain Center data, the correlation coefficient between DOGE and Bitcoin is 0.65, indicating a strong relationship between the two assets. Bitcoin’s fluctuations have a direct impact on Dogecoin’s price, which is a major factor driving DOGE’s price movements.
Dogecoin has left the consolidation zone behind and reached short-term resistance levels. It is currently facing resistance between $0.41 and $0.42. As long as these levels are not broken, the DOGE price may move sideways between $0.35 and $0.42. However, increasing buying pressure may push the price higher. Support levels are set at $0.36 and $0.25. A drop below these levels could invalidate current bullish expectations and lead Dogecoin to enter a short-term downtrend.
Looking at Dogecoin’s historical price movements, it is observed that it has experienced major increases of 9,470% and 30,700% in previous bull cycles. Alan predicts that DOGE can reach $20 and that this journey will take place in two stages. In the first stage, the price will rise to $2, then after a period of consolidation, $20 will be reached. This could increase Dogecoin’s market value to around $3 trillion. However, for these predictions to come true, it is critical that the positive momentum in the market continues.
