The best is yet to come for Dogecoin this bull cycle, according to a prominent market analyst, who predicts an over 2,000% rally to unprecedented prices.
Kevin, a well-known market watcher, shared a Dogecoin price update in a May 1 analysis amid recent positive trends. The analyst highlighted that the leading meme coin has shown strong bullish traction, with catalysts that would propel a parabolic expansion to $3.943.
Dogecoin has been slowly finding its footing. The largest meme coin lost over 38% in April, dropping to lows of $0.129. However, the token has since bounced back and managed to break above the 0.382 Fibonacci extension, currently at $0.138, which provides macro support.
According to the analysis, the support was initially a resistance trendline on the monthly timeframe, which Dogecoin broke above following its November rally. Notably, the token retested an ensuing wedge on the chart and has since bounced from the region to its current price at $0.17.
According to the market watcher, the current price presents a phenomenal risk-to-reward opportunity. As per the commentary, Dogecoin has yet to resume its super trends on the monthly chart, and its relative strength index (RSI) is at the same level as when it traded at $0.0011 years ago.
As a result, Dogecoin has a “ton of room to run to the upside.” Specifically, Kevin predicted an upward trajectory to the 1.618 macro golden pocket, a Fibonacci extension that DOGE has typically peaked at in all previous bull cycles. Interestingly, the level correlates with a price target of $3.94, an over 2,087% uptick from its current trend.
According to the commentary, the macroeconomic tailwind from quantitative easing would enhance the projected Dogecoin rally. For perspective, Fed Chair Jerome Powell recently revealed that there would be at least two rate cuts before the end of the year, a proper catalyst for a crypto rally.
The watcher highlighted that the momentum, coupled with a peak in Bitcoin dominance, will ensure DOGE reaches its ambitious $3.94 target. According to the commentary, BTC’s market share, currently at 64.87%, is expected to reach a local peak in the summer, and altcoins like Dogecoin will resume a parabolic expansion to unprecedented prices.
Remarkably, Kevin is not the only commentator with a bullish outlook for Dogecoin; several other analysts have predicted that the meme coin will see higher prices. An outlook from CobraVanguard projects a DOGE rally to a new all-time high of $0.88, while prominent asset manager 21Shares forecasts a surge to $1.42 this year in a bullish case.
At the time of writing, Dogecoin trades at $0.18, up 4% since the start of May.
