Dogecoin price shows hints of taking off after the meme coin broke out of a short consolidation period. The breakout was prompted by Bitcoin rising to a new all-time high price of $94,041. Market analysts speculate that following the breakout, the price of DOGE could skyrocket by 5,100% by the end of this bull run. Will Dogecoin live up to their expectations? Let’s find out.
Analyst Predicts Dogecoin Price Will Soar 5,100%
Crypto analyst Alan (@TATrader_Alan) has predicted that the DOGE price will soar to $20 by the end of this bull cycle. According to Alan, the “DOGE bull run has just started.” He forecasts that the first pump from the current price will reach $2, followed by a second surge to $20. This will constitute a 5,100% increase.
Dedicated Dogecoin analyst Kevin (@Kev_Capital_TA) says DOGE is nowhere near the top. Kevin uses the Pi Cycle indicator, which he says has “accurately called every DOGE cycle top and bottom over each of its cycles.” According to this indicator, Dogecoin still has a lot higher chance of going first before any profit-taking signal begins flashing.
His analysis supports Alan’s bullish bias as from the current price to $2 would mark a 5.26X increase before a short pause characterized by investors booking a portion of profits from the market.
Bitcoin ATH: A Catalyst for DOGE?
On late November 19, Bitcoin price soared to a new all-time high of $94,041 per Coingecko data, pushing the rest of the market up with it. Dogecoin price also surged with this renewed uptick in the price of BTC, hitting a high of $0.4161, confirming a previous breakout from the bull pennant.
Bitcoin’s rise has always affected Dogecoin as the two share a correlation coefficient of 0.65, which has been on the rise since November 2023, as per data from the Crypto Correlation Tool from Blockchain Center.
DOGE v. BTC Correlation
This means that DOGE has a high chance of rising and falling with Bitcoin. Hence, this makes BTC volatility a catalyst for Dogecoin price movements.
DOGE Price Analysis: Key Levels To Watch for Dogecoin
Now that the Dogecoin price has broken above the consolidation zone, the meme coin has encountered another short-term resistance around the $0.41— $0.42 range. If this resistance persists, the DOGE price could move sideways between $0.35 and $0.42 until renewed buy pressure pushes it higher.
Key resistance levels to watch out for include $0.41, $0.42 and $0.4329. Conversely, DOGE may find support around $0.36 and $0.25. A break below this could invalidate the current bullish thesis, making Dogecoin turn bearish in the short term.
Dogecoin Price Analysis Chart
Can DOGE Really Achieve a 5,100% Surge?
Dogecoin price forecast shows the asset could surge 5,100% if it follows a previous historical pattern. This would catapult the meme coin to $20, causing its market cap to swell to about $3 trillion. However, the rise to $20 will happen in two stages: first rally to $2, followed by a short pause, then a second larger wave that sends the DOGE price to $20.
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