Dogecoin (DOGE) may be on the verge of another massive rally, according to technical analyst Kevin (@Kev_Capital_TA). He believes the current correction in DOGE’s price closely resembles the pattern that preceded the meme coin’s explosive gains during its previous bull cycle. The recent 40% drop in DOGE’s price, he argues, is strikingly similar to the corrections seen in the last run, suggesting that the stage is set for the next major leg up if Bitcoin (BTC) remains stable.
Kevin’s analysis highlights specific Fibonacci extension levels that could serve as future targets for DOGE if it follows a trajectory similar to its last bull run. He identifies $0.93 as a region of immediate resistance and $3.95 as the ultimate upside objective, which would represent a staggering 1,400% increase from current levels. The emphasis on repeating historical patterns suggests that the recent market turbulence may have concluded DOGE’s second major correction, positioning it for a significant run if macro conditions remain favorable.
While it remains to be seen whether the price action will unfold exactly as Kevin’s chart suggests, the swift bounce from the recent lows has given traders hope that DOGE may indeed be mirroring its last bull run. The coming weeks could prove pivotal, particularly if the coin manages to push above the first major resistance levels. If DOGE can maintain its momentum and Bitcoin remains stable, the meme coin could be poised for a rally that echoes its previous impressive gains.
As always, it’s crucial to approach such predictions with caution and conduct thorough research before making any investment decisions. The cryptocurrency market is known for its volatility, and past performance does not guarantee future results. However, for those who believe in the power of historical patterns and technical analysis, Kevin’s insights provide an intriguing perspective on DOGE’s potential path forward.
Tags: Dogecoin, DOGE, price prediction, technical analysis, crypto market
Source: https://bitcoinist.com/dogecoin-1400-surge-history-repeating/