Is a New Dogecoin (DOGE) Bull Run on the Horizon? These Analysts Think so
TL;DR
- Dogecoin experiences a 10% weekly price decline after the recent bull run, following a broader market correction.
- Predictions for DOGE’s price include significant increases, with discussions on its potential for reaching new ATH.
Dogecoin (DOGE) is among the worst-affected cryptocurrencies (from the top 10 list) from the latest market correction, with its price tumbling by 10% weekly. Recall that several days ago, the situation was completely different, and the valuation of the meme coin surged above $0.22 for the first time since November 2021.
Numerous analysts believe DOGE will soon rebound and rally towards new peaks. One example is the crypto content creator using the X handle Trader Tardigrade, who recently claimed that Dogecoin runs the “Cycle of 7 years.” They compared the asset’s price performance with the one from years ago to set $2, $9, and even $40 as future price tags:
“We can see a similar price action in the first half of the current cycle, compared to that of last cycle. When we were at $0.0007 in 2017, we never believed DOGE would spike to $0.003, $0.009 & $0.35. Today we are at $0.22, we won’t believe DOGE will be $2, $9 & $40. Don’t miss the opportunity. History repeats.”
Another crypto enthusiast with half a million followers – Mayne – touched upon the asset’s current market performance and envisioned two possible scenarios. DOGE could lose support at around $0.18 and enter a “much larger correction, or bulls may step in and “the party continues.”
Big spot here for Doge imo.
Bulls really want this area to hold, I think losing support here opens the door for a much larger correction.
RR skewed positively for longs, if we hold and can reclaim that old high the party continues. pic.twitter.com/HgSX60XuXv
— Mayne (@Tradermayne) April 3, 2024
Previously, Rekt Capital and the early Bitcoin adopter Davinci Jeremie outlined bullish forecasts, too. The former argued that DOGE could rally toward $0.30 due to the beginning of a new “macro trend,” while the latter opined that the meme coin is an asset investors should have in their portfolios.
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