Meme coin Dogecoin seems like it is starting to consolidate just below the $0.4 price level. Particularly, the Dogecoin price has traded below $0.4 in the last five days, reaching a low of $0.343. This DOGE price performance is unsurprisingly going to lead to the notion of whether it has already reached its price top this bull cycle. 

However, not every market participant agrees with this thought process. According to technical analysis from crypto analyst Kevin (@Kev_Capital_TA), the Dogecoin price is currently nowhere near its top this cycle.

Where Is Dogecoin Price Top This Cycle?

The Dogecoin price rally has slowed down since it reached a three-year high of $0.4265 on November 13. However, with the aid of an intriguing technical indicator, Kevin highlighted that the Dogecoin price still has a lot of room to run. His analysis suggests that DOGE’s price top for this cycle could reach $3.9, a level that would effectively quadruple its current all-time highs. 

Kevin’s forecast relies heavily on a unique application of the Pi Cycle tops indicator, a tool traditionally used for Bitcoin but, as he notes, has proven surprisingly accurate in tracking the Dogecoin price behavior every cycle. He explains that the indicator, which combines two moving averages with the Monthly Relative Strength Index (RSI), has accurately predicted the Dogecoin price tops and bottoms over the years. Particularly, the weekly candlestick Dogecoin price chart that accompanied this outlook shows that the Pi Cycle accurately predicted Dogecoin’s cycle tops and bottoms in 2018 and 2021.

The analyst

Go to Source to See Full Article
Author: Scott Matherson