Dogecoin price is gearing up for another potential rally, with one analyst stating that the meme coin “looks so ready” for a staggering 5,200% upside. This bullish prediction comes as market enthusiasts watch closely for the next DOGE move after it surged 45% in 10 days.
The DOGE price today is $0.1394, representing a 1.4% increase in the last 24 hours. The uptick in price could be influenced by Bitcoin volatility, as the asset suddenly rose back above $67,000.
5,200% Upside For Dogecoin Price
A crypto analyst has predicted that the price of DOGE is primed to surge by 5,202% in the coming bull run. He studied the meme coin’s previous performance, which has performed exemplarily well during Bitcoin bull cycles.
In 2017, Dogecoin surged by 92X, while in the 2021 bull market, it rose by 300X. The analyst also purports that the breakout has begun. Additionally, previous DOGE bear markets lasted roughly three years before a breakout.
Before the 2017 pump, DOGE had been in a downtrend for 1,127 days, while before the 2021 bull run, the bear market lasted 1,022 days. In this cycle, Dogecoin price had been down for 1,190 days before the breakout signal flashed on its chart.
A 5,200% increase from the current price put DOGE at $7.367
Can DOGE Price Reach $7?
The chances of the Dogecoin price reaching $7.367 are slim, given its humongous supply, which is also inflationary. Dogecoin inflation rate is fixed, capped at 5 billion coins per year.
If the 2024 bull run mimics the 2016 bull cycle and runs until January 2026, then the Dogecoin supply will have increased by 6.25 billion, bringing the total circulating supply to 152.75 billion. At $7.367 per coin, DOGE would have a market cap of 1.125 trillion.
This is within the realm of possibility, as Bitcoin has achieved this market cap and even surpassed it. The global M2 Money Supply currently stands at $89 trillion, meaning Dogecoin would have a 1.26% share of the global money supply.
Dogecoin Eyes $0.18 As The Next Short-Term Target
Dogecoin price forecast shows the asset has broken above the 50-day exponential moving average (EMA) (green line) and 200-day EMA (black line), confirming an upward trend. The 50 EMA has also crossed above the 200 EMA, a Golden cross bullish crossover.
The nearest resistance is $0.1495, the previous local top. A break above this level could lead to further upside to $0.1625 and finally to $0.1787. These coincide with 0.27 and 0.618 Fibonacci extension levels and would mark a 27% jump from the current price.
Coinglass data shows derivative traders are still bullish on Dogecoin, even after the short retrace. The largest support levels for DOGE price are around $0.13-$0.1337, which coincide with the 0.387 Fibonacci retracement level on the Dogecoin price chart.
This imbalance in Longs versus Shorts suggests bullish sentiment dominates the DOGE market as traders anticipate further upside from the coin. This could be the reason why whales are accumulating DOGE.
The post Dogecoin Price ‘Looks So Ready’ As Analyst Foresees A 5,200% Upside appeared first on CoinGape.
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