Dogecoin Price ‘Looks So Ready’ As Analyst Foresees A 5,200% Upside

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen the wild rollercoaster ride that is the cryptocurrency market. I remember when Dogecoin was first introduced as a joke and now here we are, discussing a potential 5,200% increase!

The price of Dogecoin appears poised for another possible surge, with one expert commenting that the meme currency seems primed and ready for a remarkable increase of around 5,200%. This optimistic forecast is being made as investors keep a close eye on Dogecoin’s next move following its 45% rise over a period of 10 days.

As an analyst, I’ve observed that the current Dogecoin (DOGE) value stands at approximately $0.1394, marking a 1.4% rise over the past 24 hours. This upward trend might be connected to the volatility in Bitcoin‘s price, as the cryptocurrency surged back above $67,000 unexpectedly.

5,200% Upside For Dogecoin Price

A cryptocurrency expert anticipates a significant increase in the value of Dogecoin (DOGE) as much as 5,202% in the upcoming market rally. This prediction is based on the coin’s impressive track record during Bitcoin’s price surges.

Looking back at the crypto landscape, I find myself reminiscing about Dogecoin’s remarkable journey. In 2017, this digital coin skyrocketed an astounding 92 times its initial value. Fast forward to the recent 2021 bull market, and it multiplied yet again, soaring a staggering 300 times. As an analyst, I am optimistic about its current trajectory, believing that the breakout phase has commenced. It’s also worth noting that previous Dogecoin bear markets have typically persisted for approximately three years before experiencing a significant turnaround.

For approximately four years prior to the 2017 surge and the 2021 bull run, Dogecoin experienced a continuous downtrend for about 1,127 days and 1,022 days respectively. In the most recent cycle, the price of Dogecoin had been declining for around 1,190 days before the chart signaled a breakout.

A 5,200% increase from the current price put DOGE at $7.367

Can DOGE Price Reach $7?

It’s highly unlikely that Dogecoin’s value will rise to $7.367, considering its massive supply, which has an inflating effect. The inflation rate of Dogecoin is set and limited to the creation of approximately 5 billion new coins each year.

If the 2024 bull run resembles the 2016 bull trend and continues up until January 2026, it could lead to an increase of approximately 6.25 billion Dogecoins in circulation, taking the total circulating supply to around 152.75 billion. With a price of $7.367 per coin, Dogecoin’s market capitalization would be roughly 1.125 trillion dollars.

It’s plausible, given that Bitcoin has already reached and exceeded such market capitalization levels. At present, the worldwide M2 Money Supply is valued at approximately $89 trillion. This implies that Dogecoin would represent around 1.26% of the total global money supply if its market cap were to match this figure.

Dogecoin Eyes $0.18 As The Next Short-Term Target

The Dogecoin price projection indicates that the asset has surpassed its 50-day and 200-day moving averages (the green line represents the 50-day, while the black line signifies the 200-day), suggesting a positive trajectory. Notably, the 50-day moving average has moved above the 200-day, which is referred to as a ‘Golden Cross’ – a pattern typically associated with bullish market conditions.

As an analyst, I find myself observing that the nearest resistance level is situated at $0.1495, which also happens to be the previous local peak. Should this level be surpassed, it could potentially trigger further upward movement towards $0.1625, and eventually $0.1787. These potential price points align with 0.27 and 0.618 Fibonacci extension levels, signifying a projected increase of approximately 27% from the current price level.

According to data from Coinglass, derivative traders continue to hold a bullish stance towards Dogecoin despite the recent dip. Significant support for Dogecoin’s price is found at roughly $0.13-$0.1337, which also aligns with the 0.387 Fibonacci retracement level on the Dogecoin price graph.

The higher number of Long positions compared to Short ones indicates that positive expectations about Dogecoin’s price direction, or bullishness, is prevalent among traders in the market. It may also explain why large investors, or whales, are amassing Dogecoin, as they seem to believe in its potential for further growth.

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2024-10-24 08:16