Dogecoin has had a rather interesting week, first rallying to cross $0.2, before correcting back downward and eventually losing support at $0.8. Nevertheless, there is still a lot of steam left in the cryptocurrency it seems, as crypto analysts have identified both a bottom and a 7-year cycle that could send its price as high as $40.
Dogecoin To Bottom Around $0.16
In an analysis posted on X (formerly Twitter), crypto analyst Trader Mayne posited that Dogecoin could find a bottom around $0.16. He explains that this is the level where bulls are mounting support, making it a critical point for the meme coin.
Now, if the bulls are able to hold this support level, it would mean that the DOGE price has eventually found its bottom. However, falling below this support level could be detrimental for the meme coin’s price, as Trader Mayne revealed, leading to an even larger correction from here.
On the flip side, if bulls are able to hold this support, then it could signal a continuation of the bullish trend. The crypto analyst reports that the RR (Risk Ratio) for longs has skewed positive. So, in this case, holding above the $0.16 support and eventually reclaiming the previous local peak just below $0.24, then “the party continues,” the analyst stated.
DOGE Price Headed To $40?
Trader Mayne is not the only crypto analyst who has shown bullishness toward Dogecoin in spite of the decline. Another analyst, identified as Tardigrade, also took to X to share a cycle trend in the DOGE price that they had uncovered.
The crypto analyst titled the trend the “Cycle of 7 years” which predicts a large move up to new all-time high levels for the meme coin. Tardigrade points to the performance of Dogecoin in the seven years leading up to the 2021 surge, a cycle that they believe is set to repeat again.
$Doge is running in the “Cycle of 7 years”🔥
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
T~O~D~A~Y~:
We are at $0.22, we… pic.twitter.com/G2tcCNhX2y— Trader Tardigrade (@TATrader_Alan) April 1, 2024
Given that seven years is a wide range, it means that in 2024, the DOGE price is still just halfway to completing it. From here, it would take another four years for the 7-year cycle to be completed, at the end of which Dogecoin is expected to see a massive surge.
The cycle ends in 2028 and by this time, the crypto analyst expects that the DOGE price will move above $2, then $9, and all the way to $40. They support this with the fact that the DOGE price moved from $0.0007 in 2017, and reached as high as $0.7 in 2021. Given this, the analyst advises crypto investors not to miss the Dogecoin move up.
DOGE price at $0.17 | Source: DOGEUSDT on Tradingview.com
Featured image from Fast Company, chart from Tradingview.com
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