Dogecoin Could 'Blast Off To The Moon,' Says Crypto Analyst With $5 Price Target (2024)
A pseudonymous cryptocurrency analyst believes meme cryptocurrency Dogecoin (CRYPTO: DOGE) could skyrocket, possibly reaching a $5 mark—a prediction that spells a 6000% increase from its current value.
What Happened: The analyst shared a DOGE chart on TradingView, detailing critical points such as a retest at $0.056 and a breakout at $0.072, leading up to an anticipated surge to $5.
At the time of writing, Dogecoin was trading at $0.080.
CryptoPatel said, “The DOGECOIN pattern is repeating, signaling a massive blast-off just around the corner. A perfect retest is approaching, creating an incredible entry setup. Once the retest is complete, watch Dogecoin soar to the moon! In the memecoins season of the bull market, $5 is a realistic target.”
This prediction comes amid the transfer of around 990 million Dogecoin on Tuesday, which translates to approximately $79.75 million.
Data from Bitinfocharts revealed a sudden peak in active Dogecoin transactions, with numbers reaching over 250,000 on a single day in December.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Earlier this week, another analyst AliMartinez identified a buy signal on Dogecoin's 3-day chart. The indicator was identified through the TD Sequential, pointing to a possible reversal in Dogecoin's market position.
On-chain cryptocurrency analyst Ali Martinez said, “As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher!”
The TD Sequential recently presented a buy signal on the #Dogecoin 3-day chart. As long as the $0.074 support cluster continues to hold, $DOGE has a great chance of rebounding to $0.100 or higher! pic.twitter.com/J9fm65nHkf
— Ali (@ali_charts) January 14, 2024
Dogecoin’s all-time highest value is recorded at $0.74. Should it hit the $5 price target with its circulating supply of 142,687,466,384 DOGE, the market cap would soar. This would result in a market capitalization of approximately $713.44 billion for Dogecoin. This feat is difficult to achieve, considering the current market capitalization of $11.49 billion.
Read Next:Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Dogecoin will likely reach $5 in the next decade. How high can the DOGE price go by the end of 2024? Is Dogecoin dead? No, Dogecoin is not dead right now, the peaks and troughs are normal in the cryptocurrency industry.
Our analysis of the technical indicators suggests that the current market feeling is Bearish Bearish 68%, with a Fear & Greed Index score of 74 (Greed). Over the last 30 days, Dogecoin has had 13/30 (43%) green days and 5.61% price volatility.
CoinPriceForecast estimates that Dogecoin could rise to $0.1228 by the end of 2025, while by mid-year it could rise to $0.1131. According to DigitalCoinPrice, DOGE could reach a maximum price of $0.20 in 2025 while maintaining a minimum price of $0.17.
Techopedia, a technology education website, suggests that Dogecoin's price could likely increase in 2024, but not as much as the community may expect. It predicts Dogecoin could reach a maximum price of $0.32, a minimum price of $0.07825 and an average price of $0.1150 by the end of 2024.
For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task. In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
Can Dogecoin reach 10 dollars? Yes, Dogecoin can reach 10 dollars, at least in theory. The price of Dogecoin is largely based on hype and network effect, which by nature is an exponential force far beyond our comprehension.
Conclusion. In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024.
As a result, our DOGE price prediction for 2024 is positive, with estimates of a potential high of $0.35, a low of $0.083, and an average price of $0.215 by the end of 2024.
The Dogecoin price is $0.11865839, a change of -6.44% over the past 24 hours as of 3:00 a.m. The recent price action in Read more... Doge is the native cryptocurrency of dogecoin, a parody cryptocurrency based on a viral internet meme of a Shiba Inu dog.
But, reaching the value of $4 is an unrealistic scenario, at least for Dogecoin. Predictions suggest that, during 2024, the maximum value this meme coin could reach will be around $0.138. Reaching the value of $4, when it comes to this meme coin, is however possible, but not before 2031!
As a result, our DOGE price prediction for 2024 is positive, with estimates of a potential high of $0.35, a low of $0.083, and an average price of $0.215 by the end of 2024.
Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.
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