Dogecoin’s price action over the past 24 hours has reflected the turbulence sweeping across the broader crypto market. The meme coin suffered a sharp decline on February 3, tumbling by double digits as the market underwent a widespread selloff, triggering mass liquidations across multiple cryptocurrencies. Dogecoin itself was not spared, with a considerable number of traders facing liquidations.

However, despite the short-term pain, crypto analyst ÐOGECAPITAL (@DimaPotts36) suggests that this downturn was part of a much larger setup, one that could catapult Dogecoin beyond its all-time high toward a new peak between $1.50 and $2.10.

Dogecoin Price Crash Aligns With Historical Trends

ÐOGECAPITAL’s latest analysis indicates that Dogecoin’s recent crash was anticipated as part of the asset’s broader market cycle. The analyst shared insights pointing to historical price behavior, drawing comparisons to Dogecoin’s previous bullish cycles. On November 24, 2024, the analyst had outlined expectations for a significant correction, referencing how the price had previously retraced after reaching the 78.6% Fibonacci level in a past cycle.

At that time, Dogecoin had surged to this key Fibonacci level before experiencing a sharp -56% pullback, which later gave way to a massive rally. The analyst had emphasized that this pattern could repeat, warning that investors should expect significant corrections on the way to new highs. With DOGE now undergoing a similar retracement, ÐOGECAPITAL believes the conditions are aligning for the next leg of the rally.

Price Rebound Could Push DOGE Price To $1.50 And Beyond

Following the expected pullback, which materialized as Dogecoin reached a bottom of $0.2237 in the past 24 hours, the analyst noted that Dogecoin is now gearing up for an eventual push to new highs. In his latest statement, he reaffirmed his confidence that the asset will soon resume its upward trajectory.

Once the pullback is over, Dogecoin could resume its upward trajectory and start trading above multi-year resistance levels. In this case, the analyst noted that this could push the meme coin towards a peak of at least $1.5 or to an upper end of $2.10. These targets are grounded in Fibonacci extension levels from the 2022 bear market low.

As of now, DOGE is in its third cycle and might be on the way to repeat the outcome of the second cycle. Notably, the price projections don’t stop here, as the Fibonacci extension analysis shows that Dogecoin could even reach as high as $3.94 this cycle.

Despite the bearish sentiment surrounding the recent price drop, ÐOGECAPITAL’s analysis provides a bullish outlook. At the time of writing, DOGE is trading at $0.2636, up by about 6.3% in the past 24 hours. However, it still remains down by about 21.3% in a seven-day timeframe, having lost the support at $0.31. The first step to reaching $1.5 would be for the Dogecoin bulls to regain this support at $0.31 and then break above resistance at $0.5 before eventually breaking above its current all-time high of $0.73.

Featured image from Adobe Stock, chart from Tradingview.com

The Cardano price currently boasts a bearish outlook following a recent development in the ADA ecosystem. Crypto analyst Ali Martinez revealed that ADA whales have offloaded a significant amount of coins amid this recent market downtrend, which could lead to massive sell pressure for the crypto.

Cardano Price Could Decline As ADA Whales Dump Holdings

The Cardano price could decline as ADA whales dump their holdings. In an X post, Ali Martinez revealed that these whales have offloaded over 330 million coins and haven’t bought the dip yet amid this market downtrend led by the Bitcoin price.

This presents a bearish outlook for Cardano since such sales could spark a bearish sentiment among other investors and lead to significant selling pressure for the crypto.

IntoTheBlock data also suggests that the sentiment among these whales is indeed bearish. Cardano’s large transaction volume has declined by over 8%, with $7.46 billion traded in the last 24 hours.

ADA suffered a significant price decline following the wave of sell-offs in the crypto market over the weekend, with over $2 billion liquidated. The Cardano price crashed as much as 36%, breaking critical support levels in the process. In line with this, crypto analyst InvestingHaven noted that bearish signals still dominate and raised the possibility of more downside ahead.

Next Few Weeks Will Be “Epic” For ADA

In an X post, crypto analyst Sebastian asserted that the next few weeks will be epic for the Cardano price. This came as he noted that ADA had recorded an insane bounce and closed a green daily candle.

The analyst also noted that the Relative Strength Index (RSI) on the daily chart briefly hit oversold and has reset nicely. Based on his analysis, a bullish reversal might be on the horizon for ADA. His accompanying chart showed that Cardano could reclaim the psychological $1 level and rally to as high $1.6.

However, before that happens, crypto analyst BullishBanter suggested that the ADA price could sweep the lows around $0.75 before a reversal targeting the $0.95 to $1.10 range. At the time of writing, Cardano is trading at around $0.75, up over 10% in the last 24 hours.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.