Dogecoin investors and traders may be poised for a remarkable season of gains as a crypto analyst has predicted that the current bull cycle could be the best-performing cycle for DOGE, surpassing several previous bull seasons.
Dogecoin To See Its Best Bull Cycle
The general cryptocurrency market continues to wane, with several major coins like Dogecoin seeing negative price sentiment. Despite the troubling market movement, Dima James Potts, a crypto expert and trader has predicted that Dogecoin’s ongoing market cycle might surpass its previous two bull runs, signaling an upcoming substantial upswing for the popular dog-themed meme coin.
Dima James Potts’ made the bold forecast that the current cycle could outperform the last two after investigating the breakout of the crypto asset into its parabolic phase in each market cycle as shown in the chart shared by the analyst.
According to the market expert, historically, a large parabolic surge takes place anytime the meme coin breaks above the white line indicated in his chart and ends the week above it. Meanwhile, last Sunday, a particular development happened, raising the possibility that the upward trend could start with the week. As a result, James Potts is confident that the meme coin might witness a series of positive weeks.
Although Potts anticipates several optimistic weeks, he has warned investors of potential significant declines as well, as these have historically been a precursor to even larger spikes in value.
Furthermore, the analyst noted that while Cycle 1 and Cycle 2 witnessed a surge of more than 9,363% and 29,626% respectively from the point where the red and green lines crossed in the chart, Cycle 3, which is the current cycle could see even higher percentage increase than both seasons. Thus, he points to multiple factors that will act as a catalyst for the anticipated growth.
For the first factor, James Potts has highlighted an increase in the adoption of Dogecoin for transactions, thereby driving demand for DOGE. The second factor is DOGE’s price affordability, which is expected to draw more investors, resulting in a robust investor base. Lastly, the analyst has pointed out technological enhancements, such as faster transaction processing and enhanced security, that might increase the usefulness and appeal of DOGE.
DOGE Exhibiting Worrying Price Performance
Despite positive developments around Dogecoin, such as a surge in new addresses, the flagship meme coin is currently displaying negative price movements, dropping from the $0.13 level to about $0.10 in the last few days.
In the past day, DOGE has attracted a notable drop of over 8%, bringing its price to $0.1085 according to data from CoinMarketCap. Investors might consider this recent drop a buying opportunity as evidenced by the notable increase of more than 43% in trading volume in the last 24 hours.
