Can Dogecoin Price Reach $1 By Year End? Heres What The Fibonacci Levels Say
So far, the $1 target has been a psychological level that market participants expect the Dogecoin price to reach in this bull run. Based on Dogecoins Fibonacci levels, crypto analyst Dj Anas has predicted that the foremost meme coin could even reach this target by year-end.
Fibonacci Levels Show That The Dogecoin Price Can Reach $1 By Year-End
In a TradingView post, crypto analyst Dj Anas cited Dogecoins Fibonacci levels as why he believed the price could reach $1 by year-end. Based on the Fibonacci levels, The analyst remarked that Dogecoin is witnessing a solid push on the support-resistance line between $0.25 and $0.27, which could act as a solid foundation for the upward movement to the $1 target.
Crypto analyst Swallow Premium responded to the post and warned that the Dogecoin price would have to break many resistance levels first if it is to reach this target by year-end.
Meanwhile, like Dj Anas, crypto analyst Master Kenobi, who correctly predicted the start of the Dogecoin bull run, has also suggested that the Dogecoin price can reach $1 by year-end. This came as he revealed that Dogecoin was less than 30 days away from completing a 91-day sequence which could lead to the price rally to $1.
Master Kenobi further explained that Dogecoins current all-time high (ATH) is already slightly above the psychological threshold of a $100 billion market cap, which could propel the Dogecoin price to this target. The accompanying chart he shared shows that DOGE could reach $1 by December 2.
Master Kenobi said that the $1 target for the Dogecoin price isnt just an important psychological threshold but also a major benchmark that validates DOGEs potential. He added that reaching $1 would mark a new stage in the meme coins maturity and solidify its position as an asset with lasting impact.
The Next Four Months Could Be Huge For DOGE
In an X post, crypto analyst Trader Tardigrade suggested that the next four months could be huge for the Dogecoin price. This came as he revealed that Dogecoin had just surpassed its previous highest monthly close level. The last time this happened, the Dogecoin price recorded a gain of 8,000% in just four months.
Meanwhile, during the 2017 bull run, when this happened, the DOGE price rallied by 1,000% in eight months. As such, Dogecoin could again witness a parabolic rally, just like in 2017 and 2021. The analysts accompanying chart showed that the Dogecoin price could rise to $3.6 if it mirrors the 1,000% gain from 2017 and rally to $26 if it mirrors the 8,000% gain from 2021.
At the time of writing, the Dogecoin price is trading at around $0.36, down over 12% in the last 24 hours, according to data from CoinMarketCap.
Read more: https://www.newsbtc.com/news/dogecoin/dogecoin-price-reach-1-year-end/
Text source: NewsBTC
