Dogecoin (DOGE) price enters parabolic phase, targets $2
The post Dogecoin (DOGE) price enters parabolic phase, targets $2 appeared on BitcoinEthereumNews.com.
Meme cryptocurrency Dogecoin’s (DOGE) price movement is signaling a potential breakout with a new all-time high in sight. An analysis of recent chart patterns indicates that Dogecoin has officially begun its parabolic phase, following a cyclical trend consistent throughout its history, crypto analyst Trading Shot noted in a TradingView post on September 20. The expert observed that Dogecoin had completed an extended accumulation phase, marked by a long period of price consolidation. This phase is a recurring pattern in Dogecoin’s market cycles and typically sets the stage for bullish movement. According to Trading Shot, the accumulation zone followed a 50-week moving average where the price held above the 100-week moving average, a crucial support line. This price action mirrors what occurred during Dogecoin’s previous cycles, leading to a breakout from a “bull flag” pattern and entering what is now the “Parabolic Rally” phase. DOGE price analysis chart. Source: TradingView/Trading Shot Next DOGE price target With the parabolic phase in motion, the analyst noted that the next target is $2 as the primary mark in this cycle. Historically, Dogecoin’s previous cycle tops in January 2014 and January 2018 were priced just below the 0.786 Fibonacci channel level. The following cycle top in April 2021 saw an overextension to the 1.0 Fibonacci level, driven by a wave of mainstream adoption and aggressive buying pressure. While a similar overextension to $6 is possible in this cycle, it would likely require significant market momentum or new use cases for Dogecoin to drive substantial capital inflows. Without such factors, Trading Shot’s analysis sets the realistic price target at $2, which corresponds to just below the 0.786 Fibonacci level—a pattern consistent with the first two major cycle tops. Timing-wise, Dogecoin appears to follow a well-defined cycle pattern, with each peak arriving just after the 3.0 Fibonacci…
Filed under: News - @ September 20, 2024 4:16 pm