Dogecoin To $1? The Timing May Surprise You, Says Analyst

The shorter-term moving average (MA) which typically considers the last 111 days of price data. The longer-term MA which averages the last 350 days but multiplies it by two. The indicator‘s principle is based on the theory that when these two MAs cross, a potential peak in the market price is imminent, suggesting a sell-off point before a downturn. It’s historically been used in Bitcoin analysis but, as Kevin demonstrates, it can also apply effectively to Dogecoin.

Kevins chart covers several years of the Dogecoin price action, clearly marking past cycle highs and lows where the Pi Cycle Indicator has been accurate. Past cycle highs are circled in the chart during January 2018 and May 2021, which coincide with the crossover of the two MAs and corresponding peaks in price.

The current price movement shows a significant upward trajectory, and while the two MAs are converging, they have yet to cross. The chart plots a 1.618 Fibonacci extension level at around $4.00.

Kevin writes: “One of my secret indicators for Dogecoin that is traditionally only supposed to work for #BTC is the Pi Cycle tops indicator. It has accurately called every DOGE cycle top and bottom over each of its cycles. When the two moving averages cross along with Monthly RSI being at a certain level that‘s when I plan on taking significant portions out of the market. As you can see while the moving averages are now heading in the same direction to eventually cross we’re still not very close to crossing indicating we have a lot higher to go first.”

At press time, DOGE traded at $0.38.

DOGE breakout stalls ahead of key resistance, 1-hour chart | Source: DOGEUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com