Source: Official Account: Cryptocurrency AYao

After dogecoin broke through a brief consolidation period, its price showed signs of rising. This breakthrough was due to bitcoin reaching a historical high of $94,041. Market analysts speculate that after the breakout, dogecoin's price may soar by 5,100% by the end of this bull market. Will dogecoin live up to expectations? Let's find out.

Analysts predict that dogecoin's price will soar by 5,100%.

Crypto analyst Alan (@TATrader_Alan) predicts that by the end of this bull market, the price of DOGE will surge to $20. According to Alan, "The DOGE bull market has just begun." He predicts that the first rise from the current price will reach $2, followed by a second rise to $20. This will result in a 5,100% increase.

Analyst Kevin (@Kev_Capital_TA), who focuses on dogecoin, states that dogecoin is far from reaching its peak. Kevin uses the Pi Cycle indicators, claiming that this indicator "accurately predicted the tops and bottoms of dogecoin in each cycle." According to this indicator, dogecoin still has a higher chance of rising first before any profit-taking signals start flashing.

His analysis supports Alan's bullish outlook, as the increase from the current price to $2 would mark a 5.26 times increase, followed by a brief pause characterized by investors taking profits from the market.

Bitcoin ATH: A catalyst for DOGE?

On the evening of November 19, according to Coingecko data, the price of bitcoin surged to a historic high of $94,041, driving up prices in other markets. As the BTC price rose again, the price of dogecoin also increased significantly, reaching a peak of $0.4161, confirming the earlier breakout of the bullish flag pattern.

The rise of bitcoin has continually affected dogecoin, as their correlation coefficient is 0.65, according to the data from blockchain center's crypto correlation tool, which has been rising since November 2023.

This means that dogecoin is likely to rise and fall in tandem with bitcoin. Therefore, BTC volatility serves as a catalyst for the price movements of dogecoin.

DOGE Price Analysis: Key Levels to Watch for Dogecoin.

Currently, the price of dogecoin has broken out of the consolidation range, and this meme coin faces short-term resistance within the range of $0.41 to $0.42. If this resistance persists, the price of dogecoin may consolidate between $0.35 and $0.42 until new buying pressure pushes it higher.

Key resistance levels to watch include $0.41, $0.42, and $0.4329. Conversely, dogecoin may find support around $0.36 and $0.25. Falling below this level could invalidate the current bullish argument, resulting in dogecoin trending bearish in the short term.

Can dogecoin really achieve a surge of 5,100%?

Dogecoin price predictions indicate that if it follows previous historical patterns, this asset could surge by 5,100%. This would push the price of this meme coin to $20, inflating its market cap to about $3 trillion. However, the rise to $20 is expected to occur in two phases: first rising to $2, then a brief pause, followed by a second wave of larger increases that will push the price of dogecoin to $20.