Dogecoin DOGE/USD has failed to advance consistently in recent weeks, but a popular cryptocurrency trader believes the “real” bull run for the popular dog-themed coin is yet to begin.
What Happened: On Wednesday, Kevin shared his views on the long-term prospects of the world’s largest memecoin.
They stated that the monthly Relative Strength Index and Moving Average Convergence Divergence are not close to their macro targets. He also noted that Dogecoin’s current price structure mirrors previous cycles on a monthly timeframe.
“The real Dogecoin bull run has not even begun yet,” the trader remarked. They forecast a cycle peak in the first quarter of 2025 or earliest in December based on historical analysis.
Why It Matters: Kevin’s bullish prediction comes amid the memecoin’s unimpressive show on the price charts. DOGE slipped 1.31% over the past week, and recorded losses of 4.2% in July.
Dogecoin is battling bearish technical indicators, despite some traders remaining bullish on its potential compared to Bitcoin BTC/USD. Kevin had previously suggested that the altcoin season might be closer than ever, based on the latest Dogecoin/Bitcoin chart.
The cryptocurrency, with a market cap exceeding $17 billion, is known for its association with Tesla CEO Elon Musk. In a recent appearance on the X Takeover podcast, Musk said, "I've sort of got a soft spot for Dogecoin because I like dogs and memes."
Price Action: At the time of writing, DOGE is exchanging hands at $0.1212, plunging 3.34% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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