Dogecoin (DOGE) Price Shows Strong Momentum as Analyst Predicts 902% Upside

by · Blockonomi

TLDR

  • Trump met with Coinbase CEO Brian Armstrong on Monday to discuss cryptocurrency regulation
  • Dogecoin currently trading at $0.389, showing consolidation below $0.4
  • Technical analyst Kevin predicts DOGE could reach $3.9 this cycle using Pi Cycle indicator
  • Current price represents potential 902% upside to predicted top
  • Key intermediate price targets include $0.9-$1.3 and $2.3-$2.7 ranges

Former President Donald Trump held a private meeting with Coinbase CEO Brian Armstrong on Monday, marking a notable shift in Trump’s engagement with the cryptocurrency industry.

The meeting occurred as Dogecoin (DOGE) continues to show strength in the market, trading near $0.389.

The meeting between Trump and Armstrong represents one of the former president’s first known direct engagements with a major cryptocurrency industry leader.

The timing of this meeting has drawn attention from market observers, as it comes during a period of increased cryptocurrency market activity.

Dogecoin’s price movement has captured particular attention in recent days. The popular meme cryptocurrency has been consolidating below the $0.4 mark for the past five days, reaching a low of $0.343 during this period. This consolidation phase follows DOGE’s recent achievement of a three-year high at $0.4265 on November 13.

Technical analyst Kevin has presented a detailed analysis suggesting that Dogecoin’s current price level may be far from its potential peak this cycle. Using the Pi Cycle tops indicator, traditionally applied to Bitcoin analysis, Kevin has identified patterns that could point to much higher prices for DOGE.

The Pi Cycle analysis involves examining two moving averages in combination with the Monthly Relative Strength Index (RSI). This technical approach has proven accurate in predicting previous Dogecoin price movements, particularly during the 2018 and 2021 market cycles.

Current technical indicators show the moving averages in Dogecoin’s Pi Cycle tops indicator moving in parallel but not yet approaching a crossover point. This technical formation suggests potential for continued upward price movement before reaching a cycle peak.

The analyst’s price projection of $3.9 is derived from the 1.618 Fibonacci extension level, calculated from the current cycle’s Pi Cycle low. This methodology mirrors historical patterns observed in previous market cycles, where similar Fibonacci extensions accurately predicted price tops.

Trading data shows Dogecoin currently maintaining a price of $0.389, with a 3.5% increase over the past 24 hours, despite a 5.2% decline over the past week. The predicted target of $3.9 would represent a 902% increase from current levels.

Market participants are watching several key price ranges that could serve as intermediate targets. These include the $0.9 to $1.3 range and a higher range between $2.3 and $2.7, which could act as stepping stones toward the predicted cycle peak.

Dogecoin Price on CoinGecko

The cryptocurrency’s current circulating supply stands at 146.86 billion DOGE tokens. At the predicted price of $3.9, Dogecoin’s market capitalization would reach approximately $572 billion, potentially surpassing Ethereum’s current market position if other cryptocurrencies maintain their present valuations.

Recent trading patterns show DOGE attempting to break above the $0.4 resistance level, which has proven to be a challenging threshold over the past week. Trading volume has remained steady during this consolidation phase.

Technical indicators suggest the potential for continued upward movement, with the Pi Cycle tops indicator showing no immediate signs of a market top formation. The moving averages remain well-positioned for additional price appreciation according to the analyst’s interpretation.

Historical data supports the validity of using the Pi Cycle tops indicator for Dogecoin price analysis, as it successfully predicted major market turns in both 2018 and 2021. These previous cycle peaks aligned with similar Fibonacci extension levels from their respective cycle lows.

The meeting between Trump and Armstrong adds another layer of interest to the current market dynamics, potentially influencing investor sentiment in the broader cryptocurrency market.

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