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The Dogecoin price has recently experienced a notable correction, retracing 34% over the past month to settle at $0.259 as of Tuesday. This marks a substantial decline from its all-time high (ATH) of $0.731, reached in May 2021, putting it currently 64% below that peak.
Despite this downturn, many analysts remain optimistic about the market’s largest memecoin potential for recovery, suggesting that the Dogecoin price could see new highs as the bullish cycle progresses.
Dogecoin Price May Reach Next Peak Around April
For instance, crypto analyst Dima Potts took to social media platform X (formerly Twitter) to share his insights on the movements of the Dogecoin price.
Potts indicated that the anticipated pullback has finally occurred and, assuming this pullback stabilizes, the market could be poised to target all-time highs ranging between $1.50 and $2.10.
Nonetheless, Potts emphasized that this Dogecoin price range might act as a significant resistance level for the memecoin, similar to patterns seen in prior market cycles.
In a more detailed analysis, Potts noted a historical correlation in the Dogecoin price cycles. He pointed out that the first cycle peaked 1,442 days after its initial high, experiencing a staggering increase of 21,821% from its low point.
The second cycle followed suit, reaching its peak another 1,442 days later, but with an even more dramatic rise of 54,890%. With the cryptocurrency now in its third cycle, Potts speculates that if historical patterns hold true, the Dogecoin price could reach its next peak around the week of April 14th.
Analyst Envisions A 154,400% Surge For DOGE
Potts is not alone in his bullish outlook. He posited that growing adoption, increasing institutional interest, and ongoing technological improvements could bolster the Dogecoin price performance, potentially allowing it to exceed previous highs.
His analysis suggests that the memecoin could even reach unprecedented levels above $400 per token, translating to a massive surge of 154,400% in the coming months.
However, not all analysts share this optimistic perspective. Technical analyst Grumlin has issued a cautionary note, predicting that the Dogecoin price may dip to the $0.02 level in the near term. This would mean a notable 92% crash for the memecoin
Despite this short-term bearish outlook, Grumlin believes that a rebound from an ascending support line is likely, which could set the stage for a subsequent upward breakout.
Currently, the memecoin is trading at $0.259, with losses of 21% and 27% on the seven-day and fourteen-day time frames, respectively. It remains to be seen which side will break first and how investors will react to each scenario.
Featured image from DALL-E, chart from TradingView.com
