Following Donald Trump's win in the US elections, Dogecoin witnessed a notable rise, climbing from $0.15 to $0.42 and consolidating in the $0.38-0.40 range.
DOGE Price Analysis by Mikybull
Analyst Mikybull shared an updated forecast with his 77k followers on X (formerly Twitter). His chart shows Dogecoin testing an important resistance zone that has historically acted as a ceiling. A classic 'cup and handle' pattern, indicative of a potential breakout, is forming. He also highlights Fibonacci extension levels suggesting possible Doge targets of $1.67 and $4.36 if the rally continues. An 'Adam and Eve' double bottom pattern, another bullish signal, is also noted.
Historical Support for Upside
Interestingly, Mikybull notes that back in 2020, whenever Doge's RSI (a momentum indicator) crossed above 70, massive price surges followed — over 16,000% at one point. With the RSI approaching that level again, another strong rally might be on the horizon.
$1 to $3 Price Forecast
Considering all factors, the trader is forecasting Dogecoin could reach a price between $1 and $3 in the current cycle. This aligns closely with the Fibonacci targets on his chart. If Doge can break past key resistance levels, the upside potential seems significant.
Given historical data and current technical indicators, forecasts for Dogecoin remain optimistic. The next logical milestone is to surpass the previous all-time high of $0.73, paving the way towards $1.
