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Dogecoin is at a critical point that will determine whether investors endure losses or enjoy gains in the foreseeable future. However, according to one analyst, the latter is likely to be the case as the memecoin is observed to be forming a major generational bottom.
Dogecoin forms a generational bottom
Cryptocurrency analyst Johnny Brah revealed on the TradingView website that Dogecoin is currently forming a generational bottom. This coincides with the overall market crash, which caused the price of Dogecoin to surge to the $0.14 support level . As Jhonny Brah explained, given that Dogecoin has reacted to such generational bottoms before, this is a historically correct decline for Dogecoin.
Cryptocurrency analysts have noted that Dogecoin’s price has reset on the “w1 stoch rsi” based on previous bull cycles. This reset is important because the last reset marked a generational bottom , and Dogecoin’s price went parabolic.
To put this into perspective, the last time this happened was in 2021. The subsequent rally was legendary, as few top cryptocurrencies have been able to replicate such a run. In a span of five months, DOGE’s price rose from around $0.003 to an all-time high of $0.7.
Since then, DOGE price has been trending bearishly, breaking below multiple support levels. However, with the Stochastic RSI resetting once again, DOGE could surge higher again and set new all-time highs.
How high can the DOGE price go?
If history repeats itself and Dogecoin does see a similar rally, then the price of Dogecoin could soon break through the $1 resistance level. As for the cryptocurrency analyst, if this happens, his expectations for the price of Dogecoin would be much higher.
Although there are multiple levels to break, the cryptocurrency analyst believes that the price will eventually break through $10 and go all the way to $20. The highest point of the rally is $24, which means the price will rise by more than 16,500% from the current price. "After already rejecting Q1 in March, once DOGE breaks cleanly through Q1 and completes this last bit of accumulation, it may never go back to .1 again," the analyst warned.
Currently, the price of Dogecoin continues to move lower to $0.135, up 2.93% over the past day. However, like other currencies on the market, the price of Dogecoin has fallen sharply over the past week, down -12.16%, according to CoinMarketCap.
The wild market volatility has presented Dogecoin with ongoing challenges. While recent whale activity suggests that prices may be stabilizing, continued growth will require more than just large-scale intervention. Whales recently purchased 200 million Dogecoins, highlighting confidence in the asset’s future.
This is happening amidst competitive and uncertain market conditions, bullish signals ahead?
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