Crypto analyst Bartfil has provided insight into the next step for the Dogecoin price based on insights past performances. Based on his analysis, Dogecoin could witness a significant price correction before continuing the uptrend.
Where the Dogecoin Price is Going
In one TradeView postBartfil compared the current situation of the Dogecoin price with the price action during the previous bull market. This led to the analyst’s prediction that Dogecoin could fall to around $0.32 to $0.34. The analyst added that DOGE could then witness a strong rally about $0.52 to $0.53.
That Dogecoin price range is the 68.8 Fibonacci level of the global reversal from the peak of the previous bull market to the bottom. Once the Dogecoin price reaches its peak, Bartfil predicts that the top meme coin could still experience a significant decline to around $0.25. The analyst’s accompanying chart suggested that Dogecoin could peak between now and March 2025 and then see this price drop to $0.25 in the second quarter of next year.
Crypto analyst Trader Tardigrade also predicted it that the Dogecoin price could peak in March 2025 if it reflects the 2021 bull run. However, the analyst gave a more bullish outlook for Dogecoin, stating that DOGE could reach as high as $30 by then. Meanwhile, the analyst predicted that the meme coin would reach $8 by August 2025 if it reflects the 2017 bull run.
In the meantime, the Dogecoin price is in danger of falling to $0.32, based on Bartfil’s analysis. Crypto analyst Kevin Capital also recently warned that Dogecoin could fall further from its current level if it starts closing the candles below a trendline, which he highlighted on the chart.
The overbought status has been relaxed
In an X message, Trader Tardigrade said that the overbought condition of DOGE’s Relative Strength Index (RSI) had fallen back to 50 since Dogecoin’s price drop occurred. With the overbought situation cooling off, the crypto analyst noted that a new uptrend for Dogecoin could happen at any time.
The analyst’s accompanying chart showed that the Dogecoin price could rise to $0.54 on the next rise. Based on the chart’s projections, this rally could happen before the end of the year. Meanwhile, in another post, the analyst reaffirmed that the Dogecoin bull cycle still has a long way to go.
The analyst revealed that Dogecoin price was currently consolidating at a location similar to the 2021 bull run. His chart showed this range just before Dogecoin recorded its next leg in that cycle. Meanwhile, Trader Tardigrade once again suggested that the top meme coin could peak around $34 in this market cycle.
At the time of writing, the Dogecoin price is trading around $0.39, down more than 4% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com