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Dogecoin to Hit $1 Mark in Upcoming Market Cycle, According to Expert Analyst Forecasts

Trending meme crypto asset Dogecoin (DOGE) could be on its path to clinching above $1 price target, according to a renowned crypto analyst and trader with the pseudonym “@thescalpingpro.” on X. 

Notably, this analyst had accurately predicted a DOGE 170X price surge in May 2021,  coinciding with the same period the coin attained its all-time high (ATH) of about $0.74. 

In a recent analysis, the crypto trader spotted a similar pattern on Dogecoin’s price chart, which he confirmed to be a repetition of previous market cycles. However, unlike the former market trends, the new cycle will only appreciate seven times on its path to the $1.175 price level.

Dogecoin’s Previous Market Cycle

According to the crypto analyst’s shared chart, the previous cycle that culminated in DOGE 170 times price appreciation progressed in three phases that spanned almost three years. 

The first phase began with a market downtrend in mid-2018, persisting till early 2020, when the meme coin swung into the accumulation phase, where it gathered momentum for the final phase, which the trader termed “The Parabola.”

Notedly, the accumulation period lasted between early 2020 and around mid-2021, after which Dogecoin entered a gradual exponential price expansion phase that birthed its ATH. 

Historical Price Trend Reappears on DOGE’s Price Chart

As stated earlier in this insight, the market analyst recently observed the previous cycle formation on Dogecoin’s price chart, revealing the coin’s present phase to be in the accumulation period. 

The trading chart noted that the largest meme coin by market capitalization entered a downtrend immediately after attaining its peak price in May 2021. According to the displayed price chart, the downtrend spanned across mid-2021 down to mid-2023. 

Interestingly, the market graph indicated that the accumulation period is almost over, which invariably implies that the Parabola that would catalyze Dogecoin’s price ascent to a new ATH above the $1 price level is imminent. 

While the trading chart did not pinpoint a potential timeline for the anticipated peak price, the previous market cycle could come in handy in estimating that the $1.175 price target will not exceed 2025. 

DOGE’s Market Indices Seem Superp, Does it Indicate The Rally is Here?

Dogecoin’s market statistics on renowned crypto assets tracking platform Coincodex appear impressive across several market indices, indicating that the crypto trader’s parabola phase might have just begun. 

The digital assets price tracking platform revealed DOGE’s price to be approximately $0.168, reflecting a 2.11% price spike in the past 24 hours. Intriguingly, Dogecoin boasts a remarkable $24.3 billion market capitalization, which makes it the eighth largest crypto asset by market cap. In addition, the coin saw a massive increase in its trading volume in the past 24 hours, which saw it rank third in cryptocurrencies, with the largest trading volume at approximately $53.13 billion. 

Analysing Dogecoin’s risk assessment indices on Coincodex, the data revealed that the coin still has some hurdles to navigate for a bullish trajectory. Notably, the coin has only 11 profitable trading days in the past 30 days; it is less than its ATH by 77% when most meme coins are almost closing up on revisiting their ATH, while some have been staging new price peaks. 

How future events unfold would be a more realistic guide to predicting if the parabola phase has started, as speculated by the market analyst in this insight. For now, we keep observing the market closely to pick up signs of significant shifts in momentum before eventually concluding. 

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.