Dogecoin is standing at a critical point that will determine if investors will be nursing losses or enjoying gains for the foreseeable future. However, according to one analyst, the latter is likely the case as the meme coin has been observed to be forming an important generational bottom.
Dogecoin Forms A Generational Bottom
Crypto analyst Johnny Brah took to the TradingView website to reveal that Dogecoin is currently forming a generational bottom. This coincides with a market-wide crash that has sent the DOGE price spiraling toward the $0.14 support. As Jhonny Brah explains, this is historically for Dogecoin given how the meme coin has responded to such generational bottom before.
Drawing from the previous bull cycles, the crypto analyst points out that the Dogecoin price has seen a reset on the “w1 stoch rsi.” This reset is important given that the last time that this reset marked a generational bottom, the DOGE price went on a parabolic rally.
To put this in perspective, the last time this happened was in 2021. The run that followed is legendary as not many top cryptocurrencies have been able to replicate such a run. The DOGE price would go from around $0.003 to an all-time high of $0.7 in the space of five months.
Since then, the DOGE price has skewed mostly bearish as it broke below multiple support levels. However, with the Stochastic RSI resetting once again, DOGE could be looking at another massive run that could send it to new all-time highs.
How High Can The DOGE Price Go?
If history repeats itself and the Dogecoin price does go on a similar rally, then the DOGE price could clear the $1 resistance level pretty quickly. As for the crypto analyst, he has much higher expectations for the DOGE price if this happens.
Although there are multiple levels to beat, the crypto analyst sees the price eventually surpassing $10, and going all the way to the $20 territory. At the very top of the rally is the $24 level, which would mean an over 16,500% increase in price from the current price. “After already having rejected first quarter in March, once DOGE cleanly breaks above first quarter, finishing this last bit of accumulation, it will likely never, ever revisit .1,” the analyst warns.
For now, the Dogecoin price continues to trend low at $0.14 with a 2.93% increase in the last day. However, like the rest of the market, the meme coin has seen a major decline in price over the past week, coming out to -12.16%, according to data from CoinMarketCap.
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