Crypto Analyst Kevin (@Kev_Capital_TA) believes Dogecoin (DOGE) is set to go up to $1-$2 by the end of December or January due to his never ceasing skepticism around the current breakout trends.
However, his long term bullish outlook is tempered because of concerns over short term corrections. Dogecoin price action has been hot this last week in the past, with its formation of a falling wedge pattern from November 12 to 19. ERS broke, out of this pattern on November 19, a positive signal for traders.
Kevin Predicts Dogecoin Surge But Warns Of Volatility
But Kevin questioned the strength of the breakout, saying it’s ‘weak’ and added that standing money flow could see further correction or consolidation before any major move up. Responding to questions on social media, Kevin stood firm on his prediction: I think by the end of December or beginning of January, we’re at $1, $2.
Despite that, he warned of potential volatility and that short term corrections would mean loss for those who are over leveraged. Price action around his immediate $0.30-$0.26 price target is a 30-40% pullback of recent highs, and represents a healthy correction in a bull market. Kevin used the Pi Cycle Tops Indicator, a normal tool for Bitcoin analysis, for long term projections.
This metric can determine peak and trough market cycle points by using the interaction of two MA. When applied to Dogecoin, the indicator has so far conformed to major cycle tops such as in January 2018 or May 2021.
Kevin’s analysis now indicates that while Dogecoin’s price is on the rise, the dangerous crossover of the MAs has not yet happened, meaning that there is still more upside. A long term possible target for the top here was a Fibonacci extension level around $4, but market dynamics are still unpredictable, he warned.
‘This indicator has pinpointed every DOGE cycle top and bottom exactly,’ said Kevin. “They’re still converging, but they’re far from crossing yet, so the peak is still to come.
Investors will have to wrestle with a series of short-term corrections against Kevin’s optimistic projections for the coming weeks.
