Crypto analyst Ali recently shared insights on X about Dogecoin’s (DOGE) position in the current bull cycle. Accompanied by a detailed chart, the analysis identifies an accumulation phase with targets set at $3 and $18.
The tweet emphasizes the buying opportunity between $0.30 and $0.40, reflecting a bullish outlook amid Dogecoin’s historical trends.
What you'll learn 👉
DOGE Historical Trends and Current Price Movement
The chart presented highlights Dogecoin’s performance across past bull cycles. In 2017, Dogecoin saw an extraordinary price increase of about 9,363%, marking its first major rally.
The next cycle in 2021 brought unprecedented growth, with the price surging by 30,693%, peaking at $0.73665. At press time, Dogecoin was priced at approximately $0.4002, signaling the early stages of a new bullish phase.
Moreover, the chart also demonstrates Dogecoin’s adherence to a parallel ascending channel, characterized by higher highs and higher lows over time. This channel suggests continued upward momentum, even if interim corrections occur.
Support Zones and Accumulation Strategy
The analysis underscores the $0.30 to $0.40 range as a key support zone, offering a potential accumulation opportunity for investors. This range aligns with historical consolidation levels that preceded sharp upward movements in previous cycles.
Ali’s tweet emphasizes buying during dips in this range, resonating with the chart’s depiction of an early bull market phase. The analysis suggests that these levels could provide a solid foundation for growth in the months ahead.
Read also: Here’s Why AAVE Price Could Skyrocket to $400
Future Price Targets Indicate Optimistic Growth
The analysis sets moderate and extreme price targets for Dogecoin at $3 and $18, respectively. The $3 target, representing around 6.8x increase from the current price, reflects historical growth patterns and would require strong market momentum.
The $18 target suggests an extreme scenario of market euphoria, aligning with exponential growth observed in past cycles. The analysis also highlights the importance of market psychology in Dogecoin’s price movements, emphasizing how speculative interest and broader adoption drive its trajectory.
With its bullish structure intact, Dogecoin remains a focal point for crypto enthusiasts watching the next phases of the cycle.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
