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Expectations for the Dogecoin price remain high as one crypto analyst has predicted a rally to a new all-time high for the meme coin. Not only do the analysts expect an eventual break above the coveted $1 level, they go even further and expect Dogecon to stage a parabolic rally that could shock the crypto market. This could catapult the DOGE cryptocurrency forward and post a performance that could be reminiscent of the 2021 price surge.
Dogecoin completes the accumulation phase
In an analysis on the TradingView website, pseudonymous crypto analyst TradingShot gave a bullish prediction for the Dogecoin price. First, the analyst refers back to an earlier analysis that was first shared about a year ago. This analysis had predicted that the DOGE price would enter an accumulation phase before the rise.
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Fast forward to the present, the crypto analyst explains that Dogecoin has indeed entered this accumulation phase and completed it as predicted. This brings the crypto analyst to the next phase of the prediction, which is the price increase from here.
As TradingShot explains, this accumulation phase was present in the previous bullish cycle, making it an important factor here. Additionally, there is a bullish cross at the 1 week moving averages 50 and 00, as well as a 1 week moving average 100 that holds steady after a Channel Down/Bull flag, leads him to the parabolic rally phaseand that’s where the fun begins.
Price targets for DOGE’s Parabolic Rally
With the Dogecoin price now entering the parabolic rally phase of the forecast, the crypto analyst has released the possible levels that the DOGE price could achieve. For the most conservative of lives, the crypto analyst predicts that a rise to $2 is possible. TradingShot calls this 1,760% rally from current levels the “right target” for this cycle.
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However, as with any parabolic rally, there is a possibility that the the price will continue to rise even after the realistic goal has been achieved. In what the analyst calls an “overextension case,” they explain that the price could rise 5,500% to as much as $6. But there should be some new developments, such as “some news/fundamentals introduce new applications/adoption for Doge and the market responds with very aggressive capital inflows.”
As for the timeline for when this prediction would become reality, it doesn’t seem far off, as the analyst puts it sometime in 2025. Using the previous cycle tops for Dogecoin’s parabolic ralliesTradingShot places the pico top somewhere around August 4, 2025. This means there are only 11 months left before this entire prediction could become a reality.
Featured image created with Dall.E, chart from Tradingview.com
