Follow the WeChat official account: Lazy King Squirrel
Add V: jmay1160 Add QQ:3788353562
Doge's price faces significant bearish pressure, dropping over 12% in the past week, with difficulty finding strong support. Recent market volatility has led analysts to question its continued decline. Notably, a cryptocurrency market expert provided a reasonable and optimistic interpretation of Doge's year-end (EOY) target and offered profound insights into its trajectory in the current bull market cycle.
Doge Price Year-End Target
Doge has recently pulled back from its previous high point, sparking concerns across the cryptocurrency market. Although Doge is currently at a low of $0.19, an anonymous TradingView cryptocurrency expert TradingShot predicted in his latest technical analysis that its fair value will be bullish and is expected to reach an optimistic target by year-end.
This analyst offered a different perspective on Doge's continued downward trend - he believes the price decline might signal the beginning of the final bull market phase of the current cycle. According to the corresponding chart, Doge followed a long-existing Fibonacci upward channel structure and precisely rebounded from the 1-week MA200 as the cycle bottom since early April. Notably, the price has since rebounded and is currently consolidating near the 1-week MA50, suggesting potential new highs.
TradingShot noted that Doge's current price trend is consistent with previous market cycles, with this meme coin beginning a sustained increase after testing MA200. Historically, the upward channel structure has always guided the Altcoin's price movement, with major cycle tops aligning with Fibonacci expansion levels.
According to the TradingView expert's chart, the 2021 bull market broke through the 1.5 Fibonacci level, showing a rare deviation from the channel. For the current cycle, the chart highlighted two key year-end targets. The fair value is set at $1.00, consistent with the upper 1.0 Fibonacci expansion and MMB 3SD. The analyst also predicted an optimistic target of $3.50, aligning with the 1.618 Fibonacci level, which was previously reached at the cycle top in January 2018 and surpassed during the May 2021 peak.
Golden Cross and MMB Trend Support Doge's EOY Prediction
TradingShot's prediction of Doge's year-end bull market is further strengthened by the 1W golden cross formed on its price chart. Historically, this technical formation not only signaled the beginning of Doge's explosive price increase but also marked explosive price increases for other cryptocurrencies in the market.
The TradingView analyst now combines the Mayer Multiple Band (MMB) to point out that in the final year of each bull market cycle, after the 1W golden cross forms, Doge's price always first reaches above MMB 2SD, then climbs to above MMB 3SD. Currently, Doge has touched MMB 2SD but has not yet tested 3SD, indicating there is still unrealized upside potential.
