• Nicholas Merten suggests the projected Dogecoin rally could happen in 2024 or by year-end.

• Merten stated that Dogecoin’s critical accumulation phase typically starts after a 95% decline from its peak value.

Renowned crypto analyst Nicholas Merten recently shared intriguing information for investors of Dogecoin (DOGE) investors, shedding light on the possible occurrence of a substantial surge for the widely recognized meme-based cryptocurrency. Merten, esteemed for his role as the host of DataDash and his influential presence in the cryptocurrency sphere, believes that DOGE can spark a resurgence either by late 2023 or the onset of 2024.

In a recent video on his YouTube, Merten discussed the patterns observed among astute investors who engage with alternative cryptocurrencies such as DOGE. He accentuated the tendency of these knowledgeable investors to amass assets during periods when they are significantly undervalued or subject to substantial discounts.

Is DOGE Expected to Reach Its Lowest Point Before a Rally?

Merten said that the critical phase of accumulation for Dogecoin usually commences when it has experienced a decline of approximately 95% from its peak value. This range is regarded as an appealing opportunity for intelligent investors to initiate the process of establishing their positions. He further emphasizes identifying specific percentage declines to pinpoint potential accumulation ranges.

It is worth highlighting that DOGE has experienced a decline of approximately 91% from its highest point. This suggests that there may be additional downturns before a significant rally occurs. Merten provided a word of caution, stating that if the price were to decline to around 95%, it could reach as low as $0.35. Moreover, if the decline extends to 96.5%, the price might decrease even further to $0.25. From these levels we get to see that the Investors should prepare themselves for potential paper losses in their DOGE holdings.

The analyst further highlighted that the projected rally’s timing might extend into 2024 or potentially materialize by the end of the current year. He emphasized that the key aspect to consider is the targeted percentage decline, and given DOGE’s current decline of 91%, there is still a considerable distance to cover before the potential reversal takes place.

DogeCoin Price Analysis: Will It Reach $5?

As of press time, the dog-themed coin is trading at $0.0606, with a 2.14% decline in the past 24 hours. The coins’ market cap is $8.48 B, and its volume is $284M. In the past week, the coin underwent a decline of 14.08% and earned the classification of an outperformer. Within the last month, it experienced an 18.2% decline but continued to outperform. Over a span of 6 months, it recorded a decline of 19.72% and was classified as an underperformer.

DOGE’s current price of $0.06 represents a decline of 9.3 times from its all-time high value of $0.56. Additionally, considering its growth rate of 1866.6 times in 89 months, its one-month growth rate equates to 20.97 times. Furthermore, this suggests that in the next 12 months, DOGE’s market price could reach a theoretical value of $22.64.

However, considering that the price of DOGE remained stagnant until November 2017 and only started to increase after that, it would be more reasonable to consider the period from November 2017 to May 2021 as the timeframe for its 1866.6 times growth. Consequently, the price grew by 1866.6 times in 42 months, resulting in a one-month growth rate of 44.44. This implies that considering DOGE’s current market price of $0.06, it could reach $47.99 within the next year.

However, it is essential to note that the current macroeconomic factors and liquidity differ from previous periods. Additionally, the lawsuits by the SEC will derail the coin’s growth. In other words, while DOGE’s price could reach that value under ideal circumstances, the conditions at present are not yet conducive to such a scenario. Consequently, it is highly unlikely that Dogecoin will attain that value within the next year.