A widely followed Cryptocurrency analyst returned to his bullish prediction for Dogecoin (CRYPTO:DOGE) this Tuesday by calling the $1.30 to $1.50 range a “point of interest.”
What happened
Kevinknown for sharing insights and forecasting price movements of the world’s largest meme cryptocurrency, reaffirmed his predictions from September.
“This is still my opinion. Any range between these objectives is also possible,” he said.
The X post you referenced set bold price targets for Dogecoin in the current cycle.
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“If we have a real bull in this cycle, my price targets are $0.93 (good performance) – $2.27 (great performance) – $3.80 (astronomic performance),” the analyst had stated.
This is still my opinion. Anything in between these targets is also possible. I can see $1.30-$1.50 also as its a point of interest on my macro chart. #Dogecoin https://t.co/B7Lorw7Pnx
— Kevin (@Kev_Capital_TA) December 2, 2024
Kevin stated that the $1.30 to $1.50 range would also be a viable target adding to the previous prediction. If the cryptocurrency were to do this, it would mean a 212% to 260% increase from its current value.
The Relative Strength Index (RSI) indicator was in the neutral zone at the time of writing, having fallen below 70 earlier this week, according to data from TradingView.
The Moving Average Convergence/Divergence Indicator (MACD), a popular momentum oscillator indicator, issued a ‘sell’ signal, with the Moving Average Convergence/Divergence line crossing below the signal line.
Why is it important
Kevin’s comment coincides with the volatile movements the cryptocurrency market experienced on Tuesday, fueled by South Korea’s political instability.
This instability also impacted Dogecoin, as long-term holders of the cryptocurrency dumped their holdings, evidenced by a 0.88% decrease in their balance according to data from IntoTheBlock.
Additionally, the volume of large transactions increased by 41%, implying strong participation by whales.
Price movement
At the time of writing, DOGE was trading at $0.4163, down 1.07% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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