A market expert predicts that the price of Dogecoin (DOGE) is gearing up for a major rally, potentially hitting $20 during the ongoing bull cycle. The analysis is based on historical performance trends, which have shown increasingly large price gains during DOGE’s previous cycles. Current market activities, including a rebound in the DOGE price and an increase in whale trading, suggest promising prospects for the meme coin.
Will Dogecoin price reach $20? Analyst predicts monumental bull cycle ahead
In a recent analysis shared on X (formerly Twitter), Javon Marks voiced confidence in Dogecoin’s potential to achieve unprecedented growth during the ongoing bull cycle. His observations highlighted a trend of increasingly large price increases over previous Dogecoin cycles, with the current trajectory suggesting another monumental rise.
According to Javon’s analysis, DOGE price cycles exhibit exponential growth during bull runs, with significant rises noted in 2017 (90x) and 2021 (306x). Based on these historical trends, projections for 2024 suggest a potential upside of over 306 times, targeting prices above $20.
The chart highlights consistent upward trends leading to explosive rallies, driven by market dynamics and investor sentiment. If DOGE replicates past performance, the next cycle could see all-time highs.
Additionally, Dogecoin price recently rebounded to $0.3226 after touching a weekly low of $0.3097. This move indicates that the $0.3097 mark could be a potential price floor signaling further upward momentum.
These analyzes are in line with recent upward trends Galaxy Research predictionswhich projects Dogecoin to reach $1 by 2025. The company highlights key fundamentals such as whale accumulation and Elon Musk’s DOGE initiatives as catalysts for this growth. Although Dogecoin faces competition from other memecoins, its historical growth patterns suggest that this goal is achievable.
Whale Activity Boosts Dogecoin Ecosystem
The Dogecoin ecosystem has seen an increase in whale activity, signaling increased interest from large-scale investors. Data from IntoTheBlock revealed that large transactions within the Dogecoin network increased by 41% over the past 24 hours, with a cumulative transaction value exceeding $23 billion.
This increase in whale trading is a positive indicator of the coin’s rally, reflecting increased market participation and liquidity. Sustained activity in this price range could provide the basis for a more marked rebound in the medium term.
According to a recent report from Coingape, Dogecoin price signals a bullish reversal as DOGE whales have accumulated an impressive 90 million DOGE in just two days. This increase in whale activity reflects growing investor interest and suggests a rally in the coins. Positive on-chain indicators and increased market activity further support this sentiment.
At the time of going to press, DOGE price negotiated at $0.3186, reflecting a 2.44% decline over the past 24 hours. The meme coin’s market capitalization stood at $47.52 billion at the time of writing, with a 24-hour trading volume of $1.43 billion.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With more than 4,000 articles published in various media, it aims to inform, educate and introduce as many people as possible to the world of Blockchain and DeFi. Outside of his journalism career, Ronny enjoys cycling and exploring new trails and landscapes.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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