Dogecoin has spent most of it. The current cycle moves laterally, Significant departure from long-term chart defined by a downtrend. However, technical research on Dogecoin’s previous market cycles shows that similar periods of compression have occurred prior to large price expansions, providing an example where Dogecoin could rise to a target price between $10 and $20 in the current cycle.
Dogecoin performance in past alternative seasons
Recent technical analysis shared by Javon Marks, a crypto analyst at social media platform
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Looking back over past market cycles, Dogecoin has experienced some of the biggest rallies in the volatile world of cryptocurrencies. During the first major alternative season, Dogecoin soared over 9,000% from its base value, reaching a new high of $0.015 in early 2018. This rise caught many doubters off guard, given the fact that Dogecoin had no inherent value at the time and was a first mover in the memecoin niche.
What followed in the next cycle was even more extreme, with a second major expansion resulting in gains of around 28,000% in 2021. This rise was enough to establish Dogecoin’s reputation as the king of meme coins, and its all-time high of $0.73, which it set at the time, has yet to be broken.
The chart following Marks’ analysis shows that each rally began after a long period in which Dogecoin appeared to be mostly stagnant and trading sideways.
What a 9,000% or 20,000% move means for DOGE
Applying these percentage increases to Dogecoin’s current price range yields eye-catching numbers that suggest: exceed expectations It can reach the $1 level and even exceed double digits.
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Movement similar to the first major Alternative Season rally, approximately 9,000%; Place dogecoins around Price level of $10. If the performance of the second cycle is repeated, prices will rise further. Up to $20.
These are super bullish targets that seem unrealistic based on Dogecoin’s current price levels. However, analysts also highlighted a near-term reference zone that is well below most extreme forecasts but still reflects meaningful upside.
Price levels around $0.6533 and $1.25111 were identified as more realistic milestones within the bullish scenario. Interestingly, these are also very bullish as they represent 340% and 740% increases respectively from Dogecoin’s ~$0.15 price range.
Not everyone who read the chart came to the same conclusion, and the differences in interpretation were evident in the comments below Marks’ post. Another Dogecoin analyst, Chris Pax, said: replied A complete alternative season is different from the relief rally he described. According to KrissPax, there is nothing on the current chart to suggest that Dogecoin will hit $20 this year.
However, Marks explained The idea is not to say that Dogecoin will definitely reach $10 or $20 this year, but to show what kind of gains we can expect if another alternative season unfolds, which is looking increasingly likely.
Featured image from Pngtree, Chart from Tradingview.com
