Crypto analyst Trader Tardigrade has revealed that a Dogecoin Supercycle 2 is loading. The analyst further provided insights into why the meme coin’s price could surge above $10, as it mirrors the SuperCycle 1.
Dogecoin SuperCycle 2 To Happen In The Coming Months
In an X post, Trader Tardigrade predicted that the Dogecoin SuperCycle 2 will happen in the coming months. Based on Cycle 1, the analyst stated that DOGE at this level presents a significant opportunity. He remarked that the leading meme coin could experience rapid growth in the coming months.
His accompanying chart showed that Dogecoin could rally above $10 this year as part of the SuperCycle 2. Interestingly, the long-term target for the meme coin in this cycle 2 is $130. Based on the chart, the SuperCycle 1 happened between 2014 and 2021, when DOGE witnessed massive price surges across three bull runs, which led to its current all-time high (ATH) of $0.73.
In another post, Trader Tardigrade stated that Dogecoin is repeating the macro chart pattern from 2014 to 2018. Based on this chart pattern, he predicted that DOGE could rally to $17 by year-end. The analyst expects the meme coin’s rally to be swift and rapid, possibly catching many market participants off guard.
This came as he noted that the current price action aligns with a bullish indicator from previous cycles. The analyst claimed that this signals a massive pump is incoming, with Dogecoin’s rise happening quickly. DOGE could indeed be ready for the next move, as Trader Tardigrade mentioned that it has found support in the Fibonacci 0.382 to 0.5 zone. It dipped into that area and rebounded, which hints at a successful retest.
Some Positives For DOGE
In an X post, crypto analyst Ali Martinez revealed that whales have bought over 1 billion Dogecoin in the past month. Heavy whale accumulation typically precedes a price surge, which is why this development is bullish for the meme coin. DOGE’s network is also witnessing increased activity.
Martinez also stated that Dogecoin is seeing a rise in active addresses, transaction volume, and whale activity. He remarked that these are all bullish signals that could support further upside. The analyst commented on the current price action and revealed what could spark another bull run for DOGE.
He stated that $0.26 is the major area of resistance for Dogecoin and claimed that a breakout above that resistance could spark a new bull run. His accompanying chart indicated that DOGE could rally to as high as $0.4 if it breaks the $0.26 level.
At the time of writing, the Dogecoin price is trading at around $0.22, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
