Dogecoin (DOGE) has completed its first phase of a new bull run, similar to the market dynamics of 2021. Analysts expect the coin to prepare for further gains, with price targets reaching $3 or even higher in this cycle.
Repetition of previous patterns
According to crypto analyst KrissPax, Dogecoin has completed its first upward phase, similar to previous bull markets in 2017 and 2021. In these previous cycles, two strong upward moves followed the first phase with significant percentage gains. KrissPax predicts that Dogecoin could experience two additional upside phases before reaching its peak in this market cycle.
Although the coin is currently moving sideways, KrissPax and other analysts like Ali Martinez emphasize the importance of patience. According to them, a short correction could take place before the next upward phase begins. Martinez points to the TD Sequential indicator, which indicates a sell signal, which often predicts a temporary decline.
Price targets: from $1 to $3 and higher?
KrissPax expects Dogecoin to first reach the important milestone of $1, after which a next phase could push the price towards $3. Other analysts are even more optimistic: according to Ali Martinez, DOGE could even rise to $14 within a trading channel in the most optimistic scenario. The median price target for this channel is around $1.50, which would also represent a significant upside from current levels.
Time for the next phase
Crypto analyst Kevin Capital suggests that Dogecoin is almost ready for its next upward move. He emphasizes that the coin has had enough time to consolidate and reset key indicators on the daily charts. According to him, these technical signals indicate an impending breakout, possibly unexpectedly and quickly.
Analyst Master Kenobi agrees, predicting that the next phase could take Dogecoin above its current all-time high of $0.73, with an initial price target of $1.08.
Currently, Dogecoin is trading around $0.42, up more than 5% in the past 24 hours, according to data from CoinMarketCap. Current price movements show that there remains significant interest in the coin, with analysts speculating about a new phase of strong gains.
The coming weeks will be crucial in determining whether Dogecoin can live up to expectations. With historical patterns and technical indicators pointing to further gains, DOGE remains a coin to watch in this bull cycle.
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Source: https://newsbit.nl/dogecoin-voltooide-eerste-bullfase-wat-betekent-dit-voor-de-toekomst/
