Analyst Says Dogecoin Has Entered Another Bull Cycle, Puts Price Above $20

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Crypto analyst Javon Markshas provided a bullish outlook for Dogecoin, stating that the foremost meme coin has entered another bull phase. The analyst also predicted how high the foremost meme coin could rally in this bull phase.  Dogecoin To Rally Above $20 As It Enters New Bull Cycle

In an X post, Javon Marks predicted that Dogecoin could rally above $20, seeing as it looks to be in another bull cycle. The crypto analyst made this ambitious prediction while noting that DOGE has recorded larger runs in every successive cycle.  Related Reading XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 1 day ago Source: X

As such, Marks asserted that Dogecoin could witness a 60x price increase or more from here and rally above $20 if history repeats itself. His accompanying chart showed that DOGE recorded a 90x and 306x increase in the 2017 and 2021 bull runs, respectively. The chart also showed that DOGE is at the stage where it could form a God candle that would set it up to reach this $20 target.

Other crypto analysts like Dima James have also predicted that Dogecoin could reach double digits in this bull cycle. James also alluded to historical trends to explain why the foremost meme coin can reach such heights. Meanwhile, analyst Ali Martinez once predictedthat DOGE could reach $23 if it reaches the 2.272 Fibonacci level in this cycle. 

However, in the short term, the focus will undoubtedly be for Dogecoin to reach its current all-time high (ATH) of $0.73 and then rally to new highs. Crypto analyst Master Kenobi predictedthat DOGE could soon rally to its ATH as it eyes a breakout from a symmetrical triangle. The crypto analyst also alluded to Donald Trump’s inauguration on January 20 as a catalyst that could spark this price breakout.  Higher Prices Are Expected

In an X post, crypto analyst Kevin Capitalasserted that higher prices are expected as long as Dogecoin is above $0.26 and trading in a bullish falling channel, which he highlighted in his accompanying chart. The analyst added that the measured move target of this bullish pattern is $1.30 if DOGE breaks out.  Related Reading Dogecoin Traders Remain Extremely Bullish Despite Price Crash, Here Are The Numbers 1 day ago Source: X

The Dogecoin price had recently crashed alongside the broader crypto market. However, these analyses indicate that there is still more room for the foremost meme coin to rally to the upside. In fact, crypto analyst Trader Tardigradesuggested that a bullish reversal could happen sooner than expected. 

In an X post, the analyst revealed that Dogecoin is breaking out of a double bottom on the 4-hour chart. The accompanying chart showed that DOGE could first rebound to $0.36 and then possibly reclaim the psychological $0.40 level.  Source: X

At the time of writing, the Dogecoin price is trading at around $0.34, up almost 5% in the last 24 hours, according to datafrom CoinMarketCap.  DOGE price establishing support at $0.35 | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com