The best is yet to come for #Dogecoin this bull cycle, according to a prominent market analyst, who predicts an over 2,000% rally to unprecedented prices.
Market watcher Kevin shared a Dogecoin price update in a May 1 analysis amid recent positive trends. The analyst highlighted that the leading meme coin has shown strong bullish traction, citing catalysts that would propel a parabolic expansion to $3.943.
Notably, the analysis comes when Dogecoin, the largest meme coin by market capitalization, is starting to find its footing. DOGE surged 15% last week and is up an impressive 38% from April’s low of $0.129.
Indicators Look Good
Kevin noted that Dogecoin has defended the macro support at the 0.382 Fibonacci extension, currently at $0.138. The support was initially a resistance trendline on the monthly timeframe, which the token broke above following its November rally. Notably, DOGE retested an ensuing wedge on the chart and has since bounced from the region to its current price.
The market watcher insists that the prominent meme coin’s current price presents a phenomenal risk-to-reward opportunity. According to the commentary, Dogecoin has yet to resume its super trends on the monthly chart, and its relative strength index (RSI) is at the same level as when it traded at $0.0011 years ago.
As a result, Kevin suggests that Dogecoin has a “ton of room to run to the upside.” Specifically, he predicted an upward trajectory to the 1.618 macro golden pocket, a Fibonacci extension that DOGE has typically peaked at in all previous bull cycles. Interestingly, the level correlates with a price target of $3.94, an over 2,087% uptick from its current trend.
