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Dogecoin

Dogecoin Price Rally Not Over Despite 10% Correction, Analyst Says

Scott Matherson
by Scott Matherson
9 months ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Dogecoin price has witnessed a 10% correction following its rally of over 70% in the last seven days. Despite this development, crypto analyst Ali Martinez has said that the Dogecoin rally isn’t over and has explained why he believes so. 

Why The Dogecoin Price Rally Isn’t Over

In an X post, Ali Martinez explained that historically, the Market Value to Realized Value (MVRV) crossing 78% signals a market top for the Dogecoin price. He further revealed that the recent Dogecoin correction has reset the MVRV to 45.65%, indicating that the top meme coin still has more room to move to the upside. 

Related Reading: Dogecoin Price Breaks Legendary Pennant Pattern, Here’s The Next Target
Dogecoin price 1
Source: X

An earlier X post by the analyst also suggested that the Dogecoin price rally is far from over. He stated that DOGE could reach $2.40 and even rise higher to $18. He explained that these price rallies would happen if Dogecoin were to test the middle or upper part of a boundary channel. 

Meanwhile, Master Kenobi, who rightly predicted the start of the Dogecoin bull run, also suggested that the Dogecoin price rally isn’t over. He stated that DOGE will likely range between $0.33 and $0.40 for a while before it moves to its current all-time high (ATH) of $0.73. This consolidation is expected to last about two weeks before a retest of its current ATH. 

In a more recent X post, Master Kenobi said that he would like the Dogecoin price rally to pause just to confirm the pattern from the previous cycle. He remarked that this would align with the overall timing of the market, and after this pause, Dogecoin could easily reach the $1 target. The analyst had previously suggested that $1 wouldn’t be the top for the Dogecoin price as it could rally to $2 and even higher. 

Dogecoin price 2
Source: X

How Low Can DOGE Go Before The Next Leg Up?

Self-acclaimed DOGE lead analyst on X Kevin Capital predicted that the Dogecoin price could correct to between $0.26 and $0.28 before the next leg up when it will break its current ATH. He revealed that the daily Relative Strength Index (RSI) had touched 94 again and the 0.786 Fibonacci level. As such, the analyst believes that correcting those targets is the likely scenario in the short term. 

Related Reading: Dogecoin Price Flashes Weekly Golden Cross That Led To 2021 Rally, Why A $4 Target Is Possible This Time

He also mentioned a scenario where the Dogecoin price could rally higher if the Bitcoin price rises to between $94,000 and $95,000 in the short term. However, he still believes there will be a bigger correction before heading higher. He added that the RSI needs to cool off badly. 

At the time of writing, the Dogecoin price is trading at around $0.36, down over 10% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from D
DOGE price corrects 10% from $0.42 high | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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