Dogecoin Price: ‘$6.9 Is A Magnet’, Analyst | Crypto News
Dogecoin has plunged violently over the past 24 hours, shedding a large chunk of its worth in a brutal correction across the complete crypto market. What regarded like a maintain above $0.25 turned into a fast breakdown that dragged the Dogecoin price to as low as $0.148 within 24 hours.
However, technical analysis from crypto analyst Kaleo exhibits Dogecoin is prepared to hit new all-time highs. In a post 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 up to see how primed Dogecoin is to attain greater ranges. The chart accompanying Kaleo’s post exhibits the historic sample that Dogecoin has adopted after earlier Bitcoin halvings.
Each halving has always been adopted by years of huge upside strikes in Dogecoin’s price, with the meme coin breaking out of long-term descending resistance traces to file exponential positive aspects. Examples shown in this chart are the 2017 and 2021 explosive price surges.
Kaleo instructed that the current market section mirrors the same construction seen just before 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 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 price goal may sound a little too bullish, but his logic is based on the logic of market cap math. In his post, he explained that his projection for Bitcoin this cycle is to surpass $500,000. If Bitcoin surpasses $500,000 as anticipated, it will translate to a $10 trillion market capitalization.
This sheer quantity of influx would circulation into the remaining of the crypto market, and Dogecoin may theoretically attain 10% of Bitcoin’s valuation, just as it did during the 2021 mania. That ratio implies a $1 trillion market cap for Dogecoin, which is equal to a $6.94 price per token based on the current circulating provide.
Dogecoin’s current price crash has difficult this bullish narrative. Instead of confirming an imminent breakout, the meme coin has fallen below the $0.25 help degree. At the time of writing, Dogecoin is trading at $0.1971, down by 21.4% in the past 24 hours and having reached an intraday low of $0.1489.
The breakdown seems like the sort of market-wide liquidity flushes often seen before major reversals. Yet, it also dangers extending Dogecoin’s bearish construction and delaying any breakout if the price fails to get better rapidly. Right now, recovery above $0.25 is important for bulls to rebuild bullish momentum.
Featured image from Unsplash, chart from TradingView
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