Dogecoin’s Active Community
Dogecoin has a strong and active community, making it one of the most popular cryptocurrencies. One community member, who has held Dogecoin for over five years, recently shared their reasons for continuing to hold the coin and their expectations for its future price.
Predicting a Rise to $26
The trader, known as John Burr, initially got into Dogecoin in 2017 and has been holding it ever since. They posted a chart on TradingView in September, predicting a significant rise in the Dogecoin price. Burr believes that there is more to come, stating that they are waiting for the next bullish wave.
A Chart Analysis
Burr’s chart starts at a price level of $0.0615 and shows a bounce similar to the 2020-2021 rally. This bounce suggests an initial price target of $0.7, which would bring Dogecoin back to its previous all-time high levels. However, Burr predicts another bounce that would propel DOGE to reach $27.
Confirmation of the Dip
Burr initially expressed uncertainty about whether a dip had occurred or if one was imminent. However, on October 31, they updated their analysis to confirm that “THE DIP” had passed. They expect sideways action until December 2023, followed by a bull run lasting throughout 2024.
Hot Take: Dogecoin’s Future Potential
Despite being created as a meme coin, Dogecoin continues to attract attention and maintain an active following. The trader’s analysis and predictions demonstrate the ongoing belief in Dogecoin’s potential for growth. While it’s important to approach cryptocurrency investments with caution and do thorough research, the enthusiasm of the Dogecoin community can’t be denied. Whether or not Dogecoin reaches $26 or $27 remains to be seen, but its dedicated community is certainly keeping a close eye on its future.
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