Dogecoin Price Target of $4 is Not “Too Big” Says Expert

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless price movements and trends that defied conventional wisdom. With this perspective, I am cautiously optimistic about Dogecoin (DOGE) breaching the $4 psychological level. While it may sound far-fetched to some, the sheer popularity and momentum behind DOGE, coupled with the establishment of the Department of Government Efficiency (D.O.G.E), suggest that this valuation is not only plausible but potentially imminent.

According to a financial analyst, Dogecoin‘s price appears robust on November 19, potentially reaching the significant mark of $4 during this cycle. The analyst believes this predicted $4 threshold is attainable and may even be surpassed by Dogecoin for a crucial reason.

Currently, the Dogecoin value is approximately $0.3874 per coin, marking a 3.7% rise over the past 24 hours. During this period, Dogecoin reached a peak of $0.3894 and touched a low of $0.3591.

Based on its recent surge as suggested by the breakout and technical analysis, it is possible that the meme coin could reach unprecedented peak values. However, the question remains: Will Dogecoin manage such a feat?

Analyst Forecasts $4 Target For Dogecoin Price

According to cryptocurrency expert Zer0, it’s possible that Dogecoin could reach prices exceeding $4. This prediction is based on the analyst’s belief that the story surrounding Dogecoin is more significant than its current market value for the meme-based coin, suggesting that it may be underestimated in value.

If you think $4 is too big a target for $DOGE, you’re clearly new here.

It has an entire department named after it now

This shit can go crazy beyond comprehension

— Zer0 (@degengambleh) November 18, 2024

Should the price of Dogecoin surge to a staggering $4, its total market capitalization would balloon to an impressive $584 billion. Given the widespread appeal of Dogecoin and the creation of the Department of Government Efficiency (D.O.G.E), it’s quite probable that this playful digital coin will achieve such a lofty valuation.

According to another analyst named Bluntz, Dogecoin (DOGE) is expected to increase gradually, or as he put it, it’s going to have a ‘steady climb’. Interestingly, this gradual growth might suddenly turn into a rapid surge approximately a week from now.

This bullish outlook is in line with the recent breakout that led to a triple-digit rally. 

Dogecoin Price Rally: What Sparked the Breakout?

Following a peak at $0.43910, Dogecoin (DOGE) started contracting as investors cashed out their gains. The value of DOGE then dropped back to $0.3398, creating a symmetrical triangle which was part of an optimistic pennant pattern in its bullish trend.

It appears that a surge in big-time investors has sparked the sudden increase in the value of the coin, according to on-chain data and Santiment analytics. Interestingly, large holders possessing between 10 million and 100 million coins have just reached their highest point in the past two years. In fact, this number is comparable to where it was back in February 2022. Furthermore, this significant group of investors now outnumbers those holding between one million and 10 million coins, signaling that major whales are increasingly interested in Dogecoin.

This significant jump in Dogecoin’s price movement signifies a pivotal moment, marking the conclusion of the current phase of consolidation and the onset of an upward trend that follows.

During the consolidation phase, the daily trading volume of Dogecoin typically decreases due to reduced investor activity. This is because they are waiting for a definitive breakout sign before re-entering the market.

Dogecoin Technical Analysis: DOGE Must Overcome These Key Hurdles

The projected trajectory for Dogecoin indicates a strong upward trend, characterized initially by a significant surge (impulsive wave) and then a period of stabilization within a well-defined triangle pattern. This pattern implies a probable resumption of the bullish trend’s momentum.

With the asset surpassing its previous range, it’s possible that the Dogecoin price might encounter resistance levels at approximately $0.44 (a local high), $0.55 (a significant resistance point), and $0.76 (an anticipated resistance based on the triangle breakout).

Conversely, should market circumstances shift, it’s expected that Dogecoin could find support around the approximate levels of $0.36 (a local support within the triangle) and $0.31 (a significant low support from past swings).

Examining the technical signals, the latest candles on the edge of the symmetrical triangle are characterized by small-sized bullish candles. This suggests a state of uncertainty leaning towards the bullish side, as buyers begin to enter the vicinity where the breakout might occur.

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2024-11-19 10:33