The crypto market is showing signs of recovery following a rollercoaster for a few days, and thoughts are turning to how high some of the more popular assets could go in the coming days and months.
One analyst has suggested that the largest meme coin by market cap, Dogecoin (DOGE), could shatter its current all-time high price and break past the $1 level by May, drawing from historical trends and technical patterns.
Pseudonymous crypto analyst Master Kenobi recently highlighted DOGE’s price symmetry over the past year. He noted that the OG meme coin followed a cyclical pattern of two major pumps, the first coming in February 2024 and the second following six months later in August.
While the initial surge saw the coin’s value go up at least 3 times, the gains were all lost following a significant crash in August. However, it rallied a second time soon after, with its price multiplying six times.
This particular pump also came to an abrupt end over the weekend when the entire crypto market shed more than $400 billion, triggered by a squabble over tariffs between the United States and three of its trading partners, Mexico, Canada, and China.
Dogecoin holders saw about 57% of the profits they had gained over the last five months disappear within 24 hours as the market reacted to the tariff impasse.
Despite the setback, Kenobi sees potential for another upswing. According to the analyst, DOGE’s green trendline support, which was a key level, has now turned into resistance. Consequently, if the meme coin breaks above that level again, it could trigger a strong rally.
The analyst laid out two possible scenarios for the token’s price action: On one hand, it could repeat the rally from February last year, with a peak forming by the end of the month. The second possibility is that it could follow an extended consolidation period before hitting new highs by mid-April or early May.
Kenobi is leaning more towards the latter case, estimating that if DOGE mirrors the August 2024 pattern, then a 6x rally from the current bottom could push its price to at least $1.25.
The analyst’s prediction has come only a day after reports emerged that several Dogecoin whales had offloaded 270 million tokens worth about $70 million within 24 hours. This mass sell-off increased supply and raised concerns about further price declines if demand fails to keep up.
Another well-regarded market watcher, Ali Martinez, previously flagged a bearish crossover between DOGE’s Market Value to Realized Value (MVRV) ratio and its 30-day Simple Moving Average. According to him, this signal could indicate further price drops in the near term.
At the time of writing, the cryptocurrency was back in the green, jumping 5.9% in the last 24 hours. However, the current price is still 21% below its seven-day peak of $0.3398, underperforming the broader crypto market, which is down 5.7%.
The post Dogecoin’s Price Could Hit $1.25 by May, Analyst Predicts appeared first on CryptoPotato.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
