Dogecoin (DOGE) Price Prediction: 2,000% Upside to $3.94 as Current Bull Cycle Is 'Far From Over'

Dogecoin price is showing strong bullish traction as it continues to defend a crucial macro support level and a crucial Fibonacci extension, according to prominent market analyst Kevin.

The analyst spotted that Dogecoin has managed to defend the 0.382 Fibonacci extension at $0.138. This support initially acted as a resistance trendline on the monthly timeframe, which Dogecoin broke above following its rally in November of last year.

Afterward, DOGE went on to retest an ensuing wedge pattern on the chart and has bounced strongly from this region, propelling its price to current levels.

Dogecoin: Crucial Support Levels

According to the analyst, this setup presents a "no-brainer" risk-to-reward scenario for investors. He noted that Dogecoin has yet to resume its super trends on the monthly chart, and its Relative Strength Index (RSI) is currently at a similar level to where it stood when the token traded at $0.0011 years ago.

"We have a ton of room to run to the upside," Kevin stated.

Specifically, his analysis projects an upward trajectory towards the 1.618 macro golden pocket, a Fibonacci extension level that Dogecoin has historically reached its peak at during previous bull cycles. This level arrives at $3.94, which would mark an over 2,087% increase from current price levels.

Chart: Kevin

Macro Factors and Bitcoin Dominance to Fuel Surge

The commentary pointed to the potential macroeconomic tailwind from renewed quantitative easing. For context, Federal Reserve Chair Jerome Powell recently indicated the likelihood of at least two interest rate cuts before the end of the year, a development that is historically considered a significant catalyst for cryptocurrency rallies.

The analyst suggests that this favorable macroeconomic momentum, together with a potential peak in Bitcoin dominance, will set the stage for Dogecoin to ascend towards its targeted $3.94 price.

Bitcoin's market share is currently at 64.87%, and it is expected to reach a local peak during the summer months. Historically, when Bitcoin dominance plateaus or declines, altcoins, like Dogecoin, tend to experience a parabolic expansion to unprecedented price levels.

Interestingly, Kevin is not the only one who predicts significant gains for Dogecoin. Several other market analysts have also projected substantial futures price increases for the cryptocurrency coin.

Another analyst, CobraVanguard, previously predicted a Dogecoin rally to a new all-time high of $0.88. Meanwhile, prominent asset manager 21Shares forecasted a surge to $1.42 this year in a bullish scenario.

At the time of writing, Dogecoin is trading at approximately $0.1801, reflecting a 4% increase since the beginning of May. If Kevin’s analysis proves accurate, current investors could be looking at truly life-changing gains in the coming months. However, as with all cryptocurrency investments, it’s crucial to remember the inherent volatility and conduct thorough research before making any investment decisions.