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Dogecoin price expectations remain high as a crypto analyst has predicted a rally to the highest upside for the meme coin. Not only does the analyst expect an eventual break above the desired $1 level, they go further, expecting Dogecon to set a parabolic rally that could shock the crypto market. This may push the DOGE cryptocurrency forward, and include a performance that may remind of its 2021 price increase.
Dogecoin Ends Accumulation Phase
In an analysis posted on the TradingView website, anonymous crypto analyst TradingShot gave a bullish forecast for the price of Dogecoin. First, the analyst points back to a previous analysis shared about a year ago. This analysis predicted that the price of DOGE will enter the accumulation phase before the operation.
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Fast forward to now, the crypto analyst explains that Dogecoin has, in fact, entered this phase of accumulation and fulfilled it as predicted. This brings the crypto analyst to the next stage of the forecast, which is the price increase from here.
As TradingShot explains, this accumulation phase was present in the previous bullish cycle, which makes it important here. Furthermore, the bullish cross on the 1-Week 50 and 00-Moving Averages, and the 1-Week 100-Moving Average which is holding strong after coming to the Channel Down/Bull flag, leading it to its Parabolic Rally stagewhich is where the fun begins.
Price Targets for DOGE’s Parabolic Rally
As the price of Dogecoin is now entering the parabolic rally stage of the forecast, the crypto analyst has presented the possible levels that the price of DOGE can reach. In the most conservative lives, the crypto analyst predicts that a rise to $ 2 is possible. TradingShot refers to this rally of 1,760% from the current level as the “proper objective” of this cycle.
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However, like any parabolic rally, there is a possibility that the price will continue to rise even after reaching its practical goal. In what the analyst called the “overextension case,” they explained that the price could rise by 5,500% to reach as high as $6. is responding with aggressive capital inflows.”
As for the timeline of when this prediction will come true, it doesn’t seem too far off as the analyst puts it sometime in 2025. Using the peaks of the previous cycle of Dogecoin’s parabolic circles, TradingShot places the peak sometime around August 4, 2025. This means that there are only 11 months left before this whole prediction comes true.
The featured image was created with Dall.E, a chart from Tradingview.com