New technical analysis from TradingShot Dogecoin suggests (Doug) may reach $2 by mid-2028, despite expectations of additional downward pressure in the near term.
In a TradingView mail Posted on July 23, TradingShot He argued that Dogecoin is still in the latter stages of its long-term market cycle.
According to the analysis, Mimi Cryptocurrency It is currently trading within the fourth cycle of the broader market structure and has yet to set a final bottom.
This forecast comes as Dogecoin continues to trade below $0.10, extending the long consolidation period since its peak in 2021. By press time, DOGE was trading at $0.07, down about 3.5% over the past week.
Before any large gathering begins, TradingShot Expect Dogecoin to face further decline. The analyst has identified the upper boundary of the asset’s four-year support area near $0.058 as the potential area where the current session could bottom.
The analysis also indicated that the Cycle Points Index has historically entered buy territory before previous long-term highs have developed. Based on this pattern, the current correction may need additional time before a sustainable upward trend appears.
These forecasts indicate a possible decline of approximately 20% from current levels before the start of the next major upward phase.
Dogecoin’s second supercycle
While the near-term outlook remains cautious, TradingShot Maintain a very bullish view over the long term. The analyst believes that Dogecoin is advancing during the second phase of the so-called “supercycle 2,” a period that has historically produced the strongest advances in previous market cycles.
According to forecasts, more than 1,000 days must pass from the peak of the third cycle before the final parabolic phase begins. Once this condition is met, Dogecoin is expected to follow a pattern similar to previous sessions and advance towards the 0.618 Fibonacci channel level.
Based on the expected path for this Fibonacci channel, TradingShot It is estimated that DOGE could reach around $2 by mid-2028.
It is worth noting, TradingShot’s The projection is in line with other long-term technical studies that point to 2028 as a potentially important year for Dogecoin.
For DOGE to reach $2 from its current level near $0.07,… Cryptocurrency You will need to get more than 2700%.
Although this move may seem ambitious, Dogecoin has achieved similar gains during previous bull market cycles.
