Analyst predicts Dogecoin could reach $3.9 this cycle

Dogecoin (CRYPTO:DOGE) has been consolidating below the $0.4 mark, raising questions about whether it has already reached its peak for the current cycle.

However, crypto analyst Kevin (@Kev_Capital_TA) has suggested otherwise, indicating that DOGE has significant potential for further growth.

Kevin's technical analysis projects that Dogecoin’s price top for this cycle could hit $3.9, effectively quadrupling its previous all-time highs.

This forecast is supported by the Pi Cycle tops indicator, a tool typically used for Bitcoin (CRYPTO:BTC) but noted by Kevin as accurate for Dogecoin price trends as well.

The indicator, which combines moving averages with the Monthly Relative Strength Index (RSI), has historically predicted DOGE’s price peaks and troughs, accurately identifying cycle tops in 2018 and 2021.

Currently, the Pi Cycle indicator's moving averages are moving upward but have not crossed, signaling potential for more upward movement before reaching the predicted peak.

Kevin’s analysis also points to significant interim levels to watch, including $0.9 to $1.3 and $2.3 to $2.7, as benchmarks before DOGE reaches $3.9.

This ambitious target aligns with the 1.618 Fibonacci extension level when projected from the current cycle’s Pi Cycle low.

If achieved, Dogecoin's market capitalization could soar to around $572 billion, surpassing Ethereum if its growth does not match DOGE’s pace.

This would mark a significant milestone for the meme coin.

As of now, Dogecoin trades at $0.389, reflecting a 3.5% increase over the last 24 hours but a 5.2% decrease over the past week.

Reaching the $3.9 level would represent a staggering 902% increase from its current price, underscoring the analyst's bullish outlook for Dogecoin’s potential in this market cycle.

At the time of reporting, the Dogecoin (DOGE) price was $0.3882.