Crypto analysts believe DOGE could replicate the 2017 bull run price rally as the price could hit $2.
In the past few days, the crypto market has been erratic, with the price of Dogecoin and other crypto assets facing a price decline towards their key support as bears would be looking for an opportunity to lower the price.
The current market trend has created uncertainty in the hearts of many crypto traders and analysts looking to profit from the bull market. The trend currently requires exercising caution.
Despite the challenging trading conditions and price action for Dogecoin (DOGE), crypto analysts predict that the DOGE price will replicate its bullish price action of 2017. This could push the price of DOGE to a high of $2, subsequently increasing its market cap from its current point.
Source – Crypto Market Sentiment From Coin360
The crypto market is currently looking uncertain. For the past few days, following the Bitcoin price crash from a high of $107,000 to a region of $90,500, the price has been constantly declining, wiping out billions of accounts as the crypto market remains cautious ahead of its next move.
The Bitcoin fear and greed index, which has been reading greed for over three months, has retraced to fear, which was last seen when Bitcoin crashed from $48,000 to $25,000, creating panic before a major price rally to the upside, as the price of Bitcoin matched on to create new highs of over $70,000.
While the market continues to struggle to regain bullishness, the crypto space, and experts remain optimistic regarding the price of Bitcoin and altcoins. Crypto experts point to past historical rallies, indicating that the price of altcoins could follow Bitcoin and replicate such a price rally in February.
If history is to repeat itself, we could see the price of Dogecoin rally to a high of $2 based on top crypto analyst TATrader. According to TATrader, the current pullback by DOGE replicates the same pattern as the 2017 bull market, with a price expected to find a local bottom, followed by new highs and a potential rally to $2.
Source – DOGE 1D Price Chart From TradingView
The price of Dogecoin rallied to a high of $0.45 as the price faced rejection from its yearly high and has struggled to reclaim that high following a price rally to $0.42 but faced rejection with price retracing to $0.35 but failed to build strong support for the price.
DOGE faced more sell-off due to Bitcoin’s decline as the price retraced towards $0.2, bouncing off swiftly to trade around $0.27, which price continues to struggle to hold above its 50-day and 200-day EMAs (Exponential Moving Averages).
The price of Dogecoin currently trades below its daily 50-day and 200-day EMAs signaling a bearish trend. However, it could potentially head to its daily support at $0.15, giving bulls and whales more buy opportunities and leading to a potential all-time high for DOGE.
