Dogecoin Price Prediction: Is a Rise to $3 Possible with Upcoming Golden Cross? Analyst Provides Insight

Dogecoin has been experiencing a positive trend, leading to conversations about its potential peaks in this cycle. While some predict that DOGE might hit $3, crypto analyst Kevin Capital presents a more conservative perspective.

In a recent update on X (formerly Twitter), Capital pointed out that Dogecoin has previously reached its “macro golden pocket” level at the 1.618 Fibonacci extension during earlier cycles. For the current market cycle, this golden pocket is positioned at $3.90, although he considers this target to be improbable.

The last occurrence of a weekly Golden Cross for #Dogecoin was four years ago. Following the completion of the Golden Cross, we experienced three weeks of decline/consolidation before reaching a cycle peak 119 days later. If we observe a pattern similar to the last cycle, we should anticipate something alike… pic.twitter.com/gRwQrcC0lL

— Kevin (@Kev_Capital_TA) November 9, 2024

Instead, Capital proposes that a more feasible peak could be around $1.80, depending on Bitcoin’s performance.

Despite his skepticism regarding the $3 target, Capital did point out an impending “Golden Cross” on the weekly chart, a bullish technical signal that last appeared four years ago. If history is any guide, DOGE might experience a brief cooldown followed by a significant rally starting in December and continuing into spring 2025.

• Macro Golden Pocket: $3.90 (unlikely)
• Alternative Target: $1.80 (dependent on BTC performance)
• Golden Cross Indicator: Could indicate a rally by December 2024

Why a $10 Target is Entering the Conversation

While Kevin Capital minimizes the chances of a $3 surge, another analyst, Dima James, envisions even greater potential. James asserts that if DOGE’s weekly chart closes above $0.18, it could initiate a parabolic movement similar to past bull runs. In the cycles of 2016 and 2021, Dogecoin experienced substantial rallies, increasing by 8,000% and 18,000% respectively.

James believes a comparable surge could happen, potentially driving Dogecoin to the $10 level if adoption and technological advancements continue to enhance demand.

He highlighted that historical trends suggest DOGE’s momentum typically accelerates after the “green and red lines” on the weekly chart intersect, a pattern that is currently forming. If this movement occurs, James contends, a significant rally could ensue.

• Parabolic Trigger: Weekly close above $0.18
• Historical Rally Gains: 8,000% (2016) and 18,000% (2021)
• Potential Price Target: Up to $10 (contingent on adoption)

Technical Analysis: Current Price Action Signals Uptrend

At present, Dogecoin is trading at $0.2281, maintaining an upward trajectory within a bullish channel on the 4-hour chart. The breakout above $0.2192 now acts as a pivot point, with consolidation above this level enhancing the likelihood of further gains.

Immediate resistance levels are positioned at $0.2437 and $0.2570 if bullish momentum persists. The RSI is at 74, indicating overbought conditions that may lead to a short-term pullback before the next upward movement. The 50-day EMA at $0.189 serves as a robust support level.

Dogecoin Technical Analysis: Bullish trend continues as $DOGE trades at $0.2281! Key pivot at $0.2192, with resistance at $0.2437 & $0.2570. RSI at 74 suggests a potential short-term pullback. Monitor the setup for continued gains! #Dogecoin #Crypto #TechnicalAnalysis pic.twitter.com/oeCNL31pX9

— Arslan Ali (@forex_arslan) November 10, 2024

With technical indicators aligning with the broader optimistic sentiment, the current setup favors buying above the $0.2192 pivot, supporting a bullish outlook.

• Immediate Resistance Levels: $0.2437 and $0.2570
• Pivot Level Support: $0.2192
• Technical Indicators: RSI at 74.65, indicating potential consolidation

Dogecoin’s upward movement and the analyses from Capital and James reflect the varying expectations within the crypto community.

While some view $3 or even $10 as achievable targets, the journey to these milestones remains uncertain, significantly influenced by market trends, adoption, and broader developments in the crypto space. As the cycle progresses, DOGE investors will closely observe these technical levels and historical patterns for insights into future movements.

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The post Dogecoin Price Forecast: Can DOGE Hit $3 with Golden Cross on the Horizon? Analyst Weighs In appeared first on Cryptonews.