Dogecoin, the meme cryptocurrency that started as a joke, could see a massive surge in value, according to a pseudonymous cryptocurrency analyst. The analyst predicts that Dogecoin could reach a price of $5, which would represent a 6000% increase from its current value.
The analyst shared a DOGE chart on TradingView, highlighting critical points such as a retest at $0.056 and a breakout at $0.072, leading up to the anticipated surge to $5. At the time of writing, Dogecoin is trading at $0.080.
CryptoPatel, the analyst, believes that the pattern Dogecoin is following indicates a significant price increase in the near future. They state that once the retest is complete, Dogecoin will “soar to the moon” and that $5 is a realistic target, especially during the memecoins season of the bull market.
This prediction comes at a time when there has been a transfer of approximately 990 million Dogecoin, equivalent to around $79.75 million. Additionally, data from Bitinfocharts reveals a sudden peak in active Dogecoin transactions, with numbers surpassing 250,000 on a single day in December.
Earlier this week, another analyst named Ali Martinez identified a buy signal on Dogecoin’s 3-day chart. This indicator, identified through the TD Sequential, suggests a possible reversal in Dogecoin’s market position. Martinez believes that as long as the $0.074 support cluster holds, Dogecoin has a great chance of rebounding to $0.100 or higher.
While Dogecoin’s all-time highest value stands at $0.74, reaching the $5 price target would result in a significant increase in market capitalization. With its circulating supply of 142,687,466,384 DOGE, Dogecoin’s market cap would soar to approximately $713.44 billion. Currently, its market capitalization is $11.49 billion.
It is important to note that these predictions are speculative and based on technical analysis. Cryptocurrency markets are highly volatile, and it is difficult to accurately predict future price movements. Investors should exercise caution and conduct thorough research before making any investment decisions.
In conclusion, the pseudonymous cryptocurrency analyst believes that Dogecoin could experience a significant surge in value, reaching a price of $5. However, investors should approach these predictions with caution and be aware of the inherent risks associated with cryptocurrency investments.
