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10,200% Dogecoin Price Explosion Predicted By Chart Expert
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin Price May Explode By 10,200% Based On Classic Chart Pattern: Expert

Jake Simmons
Jake Simmons
6 months ago
3 mins read
Dogecoin price news

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Henrik Zeberg, a prominent macroeconomist known for his expertise in business cycles and Head Macro Economist at Swissblock, released a technical analysis for the Dogecoin price by popular demand. Within the monthly chart of DOGE/USD, Zeberg highlights potential future prices based on Fibonacci extensions and a specific chart pattern known as the “Rounding Bottom.”

Will Dogecoin Price Hit $29?

Zeberg’s technical approach draws heavily on the historical performance of Dogecoin, suggesting that its price might follow a bullish trajectory mirrored in previous cycles. In his analysis, he points out, “DOGE seems to develop a Rounding Bottom structure in each Cycle. We observe how each cycle has produced higher and higher levels into the Euphoria phase.”

Dogecoin price analysis
Dogecoin price analysis | Source: DOGEUSDT on TradingView.com

The Rounding Bottom is a proven chart pattern often seen in financial markets which signals a reversal or a significant shift from a downward trend to an upward trend. The pattern is recognized by its gradual, rounded recovery from a low point, resembling the shape of a bowl or a saucer. This pattern indicates a slow and steady accumulation phase among buyers, followed by a gradual increase in price and demand.

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The formation of a Rounding Bottom begins when an asset hits a new low and then slowly starts to recover, with buyers gradually entering the market, wary of the downtrend but starting to gain confidence as prices stabilize. As the asset’s price ascends, it reflects increased buying pressure and a decline in selling pressure, suggesting a shift in market sentiment from bearish to bullish.

To confirm a Rounding Bottom, the price must break through the resistance level that initially led to the pattern’s formation, often marked by the highest point of the curve before the asset’s price began to fall. For the Dogecoin price, this is the price level around $0.49 which Zeberg identifies as the first price target.

The breakout typically needs to be accompanied by an increase in volume and can signal a long-term bullish trend. If DOGE manages to break this resistance in the coming days, the future could be massively bullish.

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Zeberg utilized Fibonacci levels to provide specific future price targets for Dogecoin. The Fibonacci extension levels specifically marked on the chart for Dogecoin include the 1.27 Fib ($0.4924) which Zeberg labels as target 1 with a potential gain of 75%.

The next price target for the Dogecoin price is the 1.618 Fib at $0.08030 which is referred to as target 2 with an anticipated increase of 180% by Zeberg. The 2.618 Fib at $3.2738 is marked as target 3, an ambitious goal representing an 8x increase.

Moreover, the 3.618 Fib at $13.3641 and 4.618 at $54.4064 are also marked, though not explicitly linked to immediate targets, indicating very optimistic long-term possibilities should the market enter another phase of euphoria akin to past cycles.

In discussing these targets, Zeberg cautions, “Could we see even more crazy development? Nothing is certain – but the setup looks like a repetition of what we have seen in earlier phases.” This statement refers to Zeberg’s main target for this bull run, which stands between the 3.618 and 4.618 Fibonacci levels at $29, assuming the entire market remains in a mania phase for an extended period. In this scenario, Dogecoin would achieve a gain of 10,200%.

At press time, DOGE traded at $0.41.

Dogecoin price
Dogecoin price, 1-week chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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