Meme Coin Dogecoin Looks Like It Is has begun to consolidate Just below the $0.4 price level. Notably, Dogecoin price has been trading below $0.4 over the past five days, reaching a low of $0.343. This DOGE price performance will surprisingly give rise to speculation about whether Its price has already reached its peak This bull cycle.
However, not every market participant agree with this thought processAccording to technical analysis from crypto analyst Kevin (@Kev_Capital_TA), Dogecoin price is currently not even close to the top of this cycle.
Where does Dogecoin price top in this cycle?
Dogecoin price rises It has slowed since hitting a three-year high of $0.4265 on November 13. However, with the help of an interesting technical indicator, Kevin highlighted that Dogecoin’s price still has a lot of room for upside. Their analysis suggests that DOGE’s price could top $3.9 for this cycle, a level that would effectively quadruple its current all-time high.
Kevin’s forecast Pai relies heavily on the unique application of the Cycle Tops indicator, a tool traditionally used for Bitcoin but, as he notes, surprisingly effective at tracking Dogecoin price action across every cycle. Has been proven to be accurate. He explains that the indicator, which combines two moving averages with the monthly Relative Strength Index (RSI), has accurately predicted the tops and bottoms of Dogecoin’s price over the past few years. Notably, the weekly candlestick Dogecoin price chart with this approach shows that Pi Cycle has accurately predicted the top and bottom of Dogecoin’s cycle in 2018 and 2021.
The analyst observed that although the moving averages in Dogecoin’s Pie Cycle Top indicator are moving in the same direction, they are still far from crossing. This suggests that Dogecoin has plenty of room for further upside before reaching the anticipated peak.
Dogecoin price tops $3.9: what it means
Kevin’s estimated price of $3.9 is derived from the 1.618 Fibonacci extension level when this cycle is estimated from the Pi Cycle Low. This approach mirrors historical Dogecoin price performance, where previous cycle tops in 2018 and 2021 coincided with similar Fibonacci extension levels from their respective Pi cycle lows. The analyst highlighted intermediate price ranges to monitor, including $0.9 to $1.3 and $2.3 to $2.7, as milestones on the way to the anticipated cycle peak.
$3.9 dogecoin price Given the current total circulating supply of 146.86 billion DOGE tokens, its market capitalization would be around $572 billion. Such a large market cap would also see Dogecoin overtake Ethereum in the market cap rankings, which suggests that the price of the latter does not grow at the same pace as the former.
At the time of writing, Dogecoin is trading at $0.389, up 3.5% on the 24-hour time frame and down 5.2% on the seven-day time frame. Achieving a $3.9 Dogecoin price target represents a 902% upside from the current price.
Featured image created with Dall.E, chart from tradingview.com
