The Dogecoin Price Predicted to Rally Higher Than Expected
Dogecoin has been receiving numerous bullish predictions recently, especially with the recovery of the crypto market. The latest prediction comes from a crypto analyst known as southofearth on TradingView, who believes that the DOGE price will rally higher than expected.
Dogecoin Price Maintains Previous Patterns
The analyst’s analysis, posted on the TradingView website, showcases the trajectory of the Dogecoin price since its launch in 2013. The chart highlights how DOGE has performed in the years leading up to each Bitcoin halving and how this pattern can indicate its rally point.
- After each halving, the Dogecoin price has experienced a significant rally, suggesting that it is a bullish trigger for the meme coin.
- With the next Bitcoin halving expected in April, DOGE appears to be gearing up for another breakout.
The current pattern of DOGE is similar to previous years, albeit with more volatility. However, since it is mostly maintaining this pattern, there is a high chance that it will follow the same trajectory and rally again.
The analyst also notes that markets are moving faster now, and the traditional four-year cycle might be shortening. As a result, bull markets begin sooner but are followed by longer bear markets. In this scenario, the analyst predicts that the DOGE price could reach its peak in October 2024 instead of 2025 as initially expected.
Price Targets for Dogecoin Going Forward
The crypto analyst has set several price targets for Dogecoin in the future:
- The first target is $1, which marks the beginning of the breakout.
- The next target is $2, a jump from the first target.
- Following that, the analyst expects another jump to $14.
- The final target is set at $27, which would be the next all-time high price for DOGE based on previous performance.
However, the analyst goes even further and suggests that the DOGE price could potentially rise to $100 and beyond. They mention that this would require “hyperbitcoinization” to occur due to the breakdown of the dollar index.
While this prediction implies a potential 16,000% increase in DOGE’s price, it is important to note that such a move is highly unlikely. This is because DOGE already has a market cap of $20 billion, and achieving such a substantial increase would make it larger than Ethereum.
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