Dogecoin Price Prediction: Monster Rally Incoming?
Note: This post may contain affiliate links, and we may earn a commission (with No additional cost for you) if you make a purchase via our link. See our disclosure for more info. The crypto world is constantly changing. This content is for informational purposes only and not financial, legal, or professional advice So, please verify the info on the cryptocurrency provider’s websites.
Technical analyst Kevin (Kev Capital TA) predicts a significant Dogecoin rally, fueled by an impending altcoin season. His bullish case rests on several key factors. Firstly, he observes a textbook double-bottom pattern on Dogecoin's higher timeframe chart, suggesting a strong reversal is underway. This pattern is further supported by volume profiles showing exhausted sellers and increasing bullish momentum. Secondly, Kevin points to the declining dominance of Tether (USDT), a key indicator he uses to time altcoin market rotations. A decrease in USDT dominance typically signals increased capital flowing into alternative cryptocurrencies. He believes the current bear flag breakdown in USDT's market share is a strong bullish sign for Dogecoin. Thirdly, Kevin highlights the positive signals from aggregate altcoin indices, specifically the Total 3 and Total 2 market caps (excluding Bitcoin and Ether). He notes that a pending golden cross on Total 2 suggests further upside potential. While acknowledging potential volatility from inflation data and Federal Reserve commentary, Kevin believes structural forces are already driving the market upward. He emphasizes that “Trueflation,” a crowdsourced inflation gauge, is currently below 2%, indicating that inflation is not a major concern. Kevin identifies several price targets for Dogecoin, ranging from $0.21 to a potential $2.00, but cautions that overly long-term projections are less reliable. He dismisses the influence of Elon Musk, arguing Dogecoin's previous 10x rebound occurred independently of any Musk-related announcements. Finally, he links the potential altcoin season to the Federal Reserve's balance sheet trajectory and the eventual end of quantitative tightening, predicting a strong inverse correlation between Fed asset runoff and altcoin booms. A decisive weekly close above Bitcoin's $120,000 and a simultaneous rollover in USDT dominance would act as catalysts for the predicted rally.
(Source: https://www.newsbtc.com/news/dogecoin/dogecoin-monster-rally-amid-brewing-altcoin-season/)
