Dogecoin Drops 21% Amid Market Correction, Analyst Predicts $6.9 Target
Dogecoin Price Movement
- Dogecoin's price fell significantly, dropping from above $0.25 to a low of $0.148 in 24 hours.
- Kaleo, a crypto analyst, predicts Dogecoin could reach new all-time highs, targeting $6.90 based on historical patterns following Bitcoin halvings.
Technical Analysis Insights
- Kaleo's analysis suggests the current market phase is similar to pre-2021 bull run conditions.
- Historical data shows Dogecoin has experienced significant price surges post-Bitcoin halvings, breaking long-term resistance lines.
Forecast and Market Cap Logic
- Kaleo's $6.9 target is based on the assumption that Bitcoin will surpass $500,000, leading to a $10 trillion market cap.
- If Dogecoin achieves 10% of Bitcoin’s valuation during this surge, it could reach a $1 trillion market cap, equating to approximately $6.94 per token.
Current Market Status
- Dogecoin's recent drop complicates bullish projections; it currently trades at $0.1971, down 21.4% in the past 24 hours.
- A recovery above $0.25 is crucial for reversing the bearish trend and regaining bullish momentum.
