Dogecoin’s price is gearing up for a possible further rally, with one analyst saying the memecoin “looks poised” for a staggering 5,200% rally. This bullish prediction comes as market enthusiasts are keeping an eye on DOGE’s next move after it soared 45% in 10 days.
DOGE price today is $0.1394, up 1.4% in the past 24 hours. The price increase could be affected by Bitcoin’s volatility as Bitcoin assets suddenly rose above $67,000.
Dogecoin price increases by 5,200%
One crypto analyst predicted that the price of DOGE will skyrocket by 5,202% during the upcoming bull market. He studied the past performance of memecoins, which performed exemplary well during Bitcoin’s bull cycle.
In 2017, Dogecoin soared 92x, but during the 2021 bull market it rose 300x. The analyst also claims that a breakout has begun. Furthermore, past DOGE bear markets lasted for about three years before breaking out.
Prior to the 2017 pump rally, DOGE had trended downward for 1,127 days, while before the 2021 bull market, the bear market lasted 1,022 days. In this cycle, Dogecoin’s price was declining for 1,190 days before a breakout signal flashed on the chart.
An increase of 5,200% from the current price and DOGE to $7.367.
Could DOGE price reach $7?
Dogecoin price is unlikely to reach $7.367 given its huge supply and inflationary trend. Dogecoin’s inflation rate is fixed and capped at 5 billion coins per year.
If the 2024 bull market mimics the 2016 bull cycle and continues until January 2026, Dogecoin’s supply will increase by 6.25 billion coins, bringing the total circulating supply to 152.75 billion coins. At $7.367 per coin, DOGE’s market capitalization is $1.125 trillion.
This is within the realm of possibility, as Bitcoin has achieved and even exceeded this market capitalization. The global M2 money supply currently stands at $89 trillion, which means Dogecoin will have a 1.26% share of the global money supply.
Dogecoin aims for $0.18 as next short-term target
Dogecoin price prediction shows the asset is above its 50-day exponential moving average (EMA) (green line) and 200-day EMA (black line), confirming an uptrend. The 50 EMA is also above the 200 EMA, making it a bullish crossover for the Golden Cross.
The closest resistance is the previous local high at $0.1495. A break above this level could lead to a further rally to $0.1625 and ultimately $0.1787. These are consistent with the 0.27 and 0.618 Fibonacci extension levels, which would represent a 27% upside from current prices.
Dogecoin price analysis chart
Coinglass data shows that derivatives traders remain bullish on Dogecoin even after the short retrace. The maximum support level for DOGE price is around $0.13 to $0.1337, which coincides with the 0.387 Fibonacci retracement level on the Dogecoin price chart.
This long-short imbalance suggests that bullish sentiment is dominating the DOGE market as traders anticipate further gains in the coin. This could be why whales are accumulating DOGE.
Frequently asked questions (FAQ)
One crypto analyst predicts that Dogecoin could rise 5,200% in the upcoming bull market, with the price potentially rising to $7.36.
Dogecoin recently experienced a 45% price spike in 10 days. It is also showing bullish momentum as it is above both the 50-day and 200-day exponential moving averages (EMAs), indicating an uptrend.
A 5,200% forecast puts Dogecoin at $7.36, but it would require a market cap of $1.125 trillion to reach this level. Although difficult, it is within the realm of possibility as Bitcoin has achieved a similar market capitalization.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrencies, and the video game industry. His extensive experience includes working with a variety of startups to provide insightful, high-quality analysis that resonates with target audiences. As an avid crypto trader and investor, Evans is passionate about blockchain’s transformative potential across a variety of sectors. Outside of his professional work, he enjoys playing video games and exploring beautiful waterfalls.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
