5 June 2024
Dogecoin is one of the cryptocurrencies getting a lot of interest from analysts recently. With meme coins expected to outperform once again during this bull cycle, crypto analyst Crypto Kinfolk has pointed out where the Dogecoin price could end up as this bull cycle manifests.
Dogecoin Enters Expansion Stage
In an analysis posted on the TradingView platform, crypto analyst Crypto Kinfolk laid out a possible scenario that could see the Dogecoin price soar from here. Starting out with a brief history, the crypto analyst highlighted how far the meme coin has come since being created back in 2013 as a joke. Also, having such a long history has made it possible for historical analysis to be drawn for the meme coin.
One of these historical analyses is how the price of Dogecoin has performed in previous bull markets. In the last two bull markets, meaning the 2017-2018 and 2020-2021 bull markets, the DOGE price saw massive gains of 21,000% and 50,000%, respectively.
Given this, a continuation of this trend could suggest that the meme coin could outperform in another bull market. As Crypto Kinfolk points out, Dogecoin has created a habit of mimicking its performance from the last bull cycle. So if there is a repeat, then this bull cycle could be just as explosive as the last, leading to what the analyst calls “a mind melting bull run.”
Can DOGE Price Rise To $12 This Bull Cycle?
Pointing to the chart, Crypto Kinfolk explains that Dogecoin has finally completed its bear market trend, which is now giving way for recovery. More importantly, the meme coin is breaking out of accumulation, something that is historically bullish for price. As a result of this, the crypto analyst believes that the DOGE price has now entered an “expansion stage.”
In this expansion stage, the meme coin is expected to outperform, and even if it replicates just a small percentage of its previous bull runs, its price could quickly rise to unprecedented levels. The first target put forward by the analyst in this stage is $4.20. Hitting this first target would mean an almost 2,500% increase from its current price level of $0.1626 at the time of writing.
However, the analyst does not stop there, expecting further outperformance from the meme coin. The second target is a 6,100% increase to hit the $10.10 level. Last but not least, the third target was placed at $12, representing an expected 7,200% increase in price.
“With rumors shooting around the internet that Elon may add DOGE as the local currency for the X platform and this being a real possibility, I think it is counterproductive to think these type of gains are not in the cards,” Crypto Kinfolk concluded.