Dogecoin has become one of the most popular meme-inspired cryptocurrencies. Analysts are already predicting it can skyrocket at least to $3. Independent market analyst Kevin (@Kev_Capital_TA) suggests that historical patterns and macroeconomic factors could propel DOGE to this level and potentially beyond. The market’s trajectory continues to be influenced by a multitude of factors, most notably Federal Reserve policy. Nevertheless, the analysis paints a generally bullish picture for Dogecoin (DOGE).

Fibonacci Levels and Historical Cycles

Kevin’s technical analysis of Dogecoin (DOGE) includes Fibonacci-extension levels, a commonly used indicator by traders. These levels assist by providing possible price targets from previous advances and declines. Kevin points out that Dogecoin (DOGE) already cleared a major Fibonacci level in previous cycles.

"Dogecoin (DOGE) has reached the 1,618 Fibonacci level in both cycles. This level is at $3.94" - Kevin

That observation largely indicates that a $3 price point for Dogecoin (DOGE) follows typical patterns.

For Kevin, Dogecoin (DOGE) is more interesting when looked at through macroeconomic fundamentals, not just what’s happening on the chart. And yes, he is comparing Dogecoin (DOGE) favorably against Bitcoin (BTC) for future price appreciation.

"If Bitcoin (BTC) can reach that number, Dogecoin (DOGE) can too" - Kevin

Federal Reserve Impact

One of the most important drivers for the broader crypto space, including Dogecoin (DOGE), is the Federal Reserve’s monetary policy. Even a small change to the interest rate could make a world of difference in changing the market’s trajectory.

Kevin is looking for the Federal Reserve to cut interest rates in June and July. And he’s convinced that looser monetary conditions would be sufficient to catapult Bitcoin (BTC) to at least the $220,000 to $250,000 range. This upthrust would subsequently reflect cheerfully in Dogecoin (DOGE).

Realistic Target

Drawing on his analysis, Kevin believes seeing Dogecoin (DOGE) hit $3 is actually within the realm of realistic possibilities. This projection is the result of a unique confluence of historical price action, Fibonacci-extension levels and expected macroeconomic conditions. Based on Kevin’s analysis, there are plausible reasons for DOGE to hit and exceed $3.

In the end, the possibility of Dogecoin (DOGE) hitting $3 lies in the hands of market forces and the realization of some key conditions. Kevin is confident that if these things happen, DOGE is possible of hitting $3 and going above it.