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Dogecoin Hits Generation Bottom Amid Market Crash, Can Rise 16,500% to $24?

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Dogecoin is at a critical point this will determine whether investors will take losses or enjoy gains in the near future. However, according to one analyst, the latter is probably the case as the meme coin has been observed to be forming a major generational bottom.

Dogecoin constitutes a generational fund

Crypto analyst Johnny Brah took to the TradingView website reveal that Dogecoin is currently forming a generational fund. This coincides with a market-wide collapse that sent DOGE price plummeting towards the $0.14 support. As Jhonny Brah explains, this is historically true for Dogecoin, as the meme coin has already responded to such a generational bottom.

Taking inspiration from previous bull cycles, the crypto analyst highlights this the price of Dogecoin saw a reset on the “w1 stoch rsi”. This reset is important given that the last time this reset marked a generational bottom, DOGE price experienced 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 major cryptocurrencies have been able to replicate a run like that. THE DOGE the price would go from around $0.003 to an all-time high of $0.7 over a five-month period.

Since then, DOGE price has turned mostly bearish as it has broken below multiple support levels. However, with the Stochastic RSI reset once again, DOGE could see another massive run that could take it to new all-time highs.

How high can the price of the DOGE go?

If history repeats itself and Dogecoin price experiences a similar rally, then… DOGE price it could break above the $1 resistance level quite quickly. As for the crypto analyst, he has much higher expectations for the DOGE price if this were to happen.

While there are multiple levels to beat, the crypto analyst sees the price eventually breaking above $10 and reaching all the way to the $20 territory. At the peak of the rally is the $24 level, which would mean a price increase of more than 16,500% from the current price. “After having already rejected the first quarter in March, once DOGE Clearly surpassing the first quarter, finishing this last piece of accumulation, it will probably never, ever return to 0.1 again,” the analyst warns.

Source: Tradingview.com

Currently, the price of Dogecoin continues to trend low at $0.14 with an increase of 2.93% over the past day. However, like the rest of the market, the the meme coin has seen a sharp decline of the price in the last week, reaching -12.16%, second data from CoinMarketCap.

DOGE price trending low | Source: DOGEUSDT on Tradingview.com

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