Dogecoin Finds A Bottom: How The 7-Year Cycle Can Send Price To $40
05 Abril 2024 - 6:00PM
NEWSBTC
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. Related Reading: Crypto Analyst Says
Bitcoin Hitting $100,000 In 2024 Is Inevitable, Here’s Why 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 Related Reading:
Injective Whales Go On $24.8 Million Buying Spree, Is This The Next
Solana? 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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