Dogecoin Price: ‘$6.9 Is A Magnet’, Analyst Predicts
Dogecoin has plunged violently over the previous 24 hours, shedding a big chunk of its worth in a brutal correction across the entire crypto market. What regarded like a hold above $0.25 become a quick breakdown that dragged the Dogecoin worth to as little as $0.148 inside 24 hours.
However, technical evaluation from crypto analyst Kaleo exhibits Dogecoin is able to hit new all-time highs. In a publish on X, he doubled down on a remarkably bullish prediction, stating that $6.90 is a “magnet” for Dogecoin.
Dogecoin Chart Tells The Story
In his post on the social media platform X, Kaleo famous how members of the crypto group are more and more waking as much as see how primed Dogecoin is to succeed in greater ranges. The chart accompanying Kaleo’s publish exhibits the historic sample that Dogecoin has adopted after earlier Bitcoin halvings.
Each halving has at all times been adopted by years of huge upside strikes in Dogecoin’s worth, with the meme coin breaking out of long-term descending resistance strains to document exponential features. Examples proven on this chart are the 2017 and 2021 explosive worth surges.
Kaleo recommended that the present market part mirrors the identical construction seen simply earlier than the 2021 bull run, when Dogecoin broke above a key lower-high resistance from its earlier all-time high. This second is illustrated on the chart with the label “We are right here.”
Dogecoin Price Chart. Source: @CryptoKaleo on X
The $6.90 Magnet: Kaleo’s Logic Behind The Forecast
Kaleo acknowledged that the projection of a $6.9 Dogecoin worth goal may sound a little too bullish, however his logic is predicated on the logic of market cap math. In his publish, he defined that his projection for Bitcoin this cycle is to surpass $500,000. If Bitcoin surpasses $500,000 as anticipated, it could translate to a $10 trillion market capitalization.
This sheer quantity of influx would move into the remainder of the crypto market, and Dogecoin might theoretically attain 10% of Bitcoin’s valuation, simply because it did in the course of the 2021 mania. That ratio implies a $1 trillion market cap for Dogecoin, which is equal to a $6.94 worth per token primarily based on the present circulating provide.
Dogecoin’s latest worth crash has complicated this bullish narrative. Instead of confirming an imminent breakout, the meme coin has fallen beneath the $0.25 assist stage. At the time of writing, Dogecoin is buying and selling at $0.1971, down by 21.4% prior to now 24 hours and having reached an intraday low of $0.1489.
The breakdown seems just like the sort of market-wide liquidity flushes typically seen earlier than main reversals. Yet, it additionally dangers extending Dogecoin’s bearish construction and delaying any breakout if the worth fails to get well shortly. Right now, restoration above $0.25 is vital for bulls to rebuild bullish momentum.
Featured picture from Unsplash, chart from TradingView
