The encryption market displays the recovery marks after Rollercoasster for a few days, and ideas turn to the high extent of some of the most popular assets in the coming days and months.
An analyst suggested that the largest Mimi currency by maximum market, Dogecoin (DOGE) can destroy its current high price at all and exceed one dollar level by May, derived from historical trends and technical patterns.
The upscale symmetry
Recently Master Crown Experience High Dog’s prices are similar during the past year. He pointed out that the MEME OG coin followed a periodic pattern of two main pumps, the first in February 2024 and the second six months later in August.
While the initial increase witnessed that the value of the currency increased at least 3 times, all gains were lost after a large crash in August. However, it has risen again after a short time, hitting its price six times.
This particular pump also reached a sudden end during the weekend when the entire encryption market threw more than $ 400 billion, which resulted in a dispute over the customs tariff between the United States and three of its trading partners, Mexico, Canada and China.
Dogecoin holders have seen about 57 % of the profits they have acquired over the past five months that disappear within 24 hours as the market reaction was on the path of definition.
Despite the setback, Kenopi sees the possibility of another height. According to the analyst, the support of Doge’s Green Trendline, which was the main level, turned into resistance. Thus, if the Mimi currency is separated from this level again, this may lead to a strong crowd.
An analyst developed potential scenarios for the distinctive code price procedures: on the one hand, the assembly can be repeated from February last year, with peak at the end of the month. The second possibility is that it can follow a extended unification period before it reaches its highest new levels by mid -April or early May.
Kinopi tends more towards the last situation, and it is estimated that in the case of the opposite of the August 2024, the 6X rally of the current bottom can pay for at least $ 1.25.
Market morale is divided
The analyst’s prediction came just one day after reports that many Dujwin whales have emptied 270 million icons of about 70 million dollars within 24 hours. This collective sale increased and increased concerns about the low prices if the demand fails to keep pace with this.
Another respected market observer, Ali Martinez, who had previously reported a decline in the market value of DOGE to the value of the achieved value (MVRV) and its simple moving average for 30 days. According to him, this signal can indicate more prices in the short term.
At the time of this report, the cryptocurrency has returned to green, with 5.9 % in the past 24 hours. However, the current price is still 21 % lower than the seven -day peak of $ 0.3398, which increases the performance of the broader encryption market, which decreased by 5.7 %.
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