Dogecoin took he show of the market following Trump’s win in the US elections. The DOGE price pumped from $0.15 to $0.42 before consolidating int he current $0.38-0.40 range.
Mikybull analyst updated his DOGE price forecast to his 77k followers on X, formerly Twitter.
Mikybull’s chart shows Dogecoin testing an important resistance zone that’s acted as a ceiling in the past. When Doge has broken above this level before, it’s led to huge rallies. Now, it looks like a classic “cup and handle” pattern is forming – a bullish sign that often precedes a breakout.
The trader is also pointing to Fibonacci extension levels that suggest potential Doge targets of $1.67 and $4.36 if the rally continues. And he notes an “Adam and Eve” double bottom pattern, another bullish formation.
History Supports the Upside Interestingly, Mikybull notes that back in 2020, whenever Doge’s RSI (a momentum indicator) crossed above 70, massive price surges followed – over 16,000% at one point. With the RSI approaching that level again, he thinks we could be set up for another monster rally.
$1 to $3 Price Target Putting it all together, the trader is forecasting Dogecoin could reach a price between $1 and $3 in the current cycle. That aligns closely with the Fibonacci targets on his chart. If Doge can break past key resistance levels, the upside potential seems significant.
Read also: Meme Coin Whales Are Massively Accumulating PEPE – Will Price Keep Pumping?
Elon Musk has been mentioning Dogecoin multiple times on X (formerly Twitter) these days. He’s talked about working on a new project with the US government’s Department of Energy Efficiency (DOGE). Mikybull’s $1-$3 price forecast is certainly ambitious, but let’s take this one step at a time. The next logical milestone for Doge is to break its previous all-time high of $0.73 from 2021. If it can accomplish that, the path to $1 will be much clearer.
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