Analyst Predicts DOGE Price Could Soar Over 600% and Reach $0.50
Crypto analyst Altcoin Sherpa has predicted that the value of Dogecoin (DOGE) could rise over 600%. They believe that DOGE has the potential to reclaim the $0.50 mark, representing significant upside from its current price of $0.0709. Altcoin Sherpa cautioned that this growth may take some time to materialize, potentially deterring long-term investors. They also warned that other meme-inspired cryptocurrencies like SHIB and PEPE could erode DOGE’s momentum. Altcoin Sherpa illustrated their analysis using a chart that showed DOGE breaking through resistance levels identified by exponential moving averages. The chart indicates that DOGE is currently retesting the 89-day EMA, a key indicator for identifying a trend reversal.
The last time DOGE traded above $0.50 was in 2021, during a period of intense search interest that led to a 10,000% price rally. Dogecoin was initially created as a joke in 2013 but has gained a loyal community known for their philanthropic projects, including helping charitable organizations. In 2014, they raised more than $25,000 worth of DOGE to support the Jamaican bobsleigh team at the Winter Olympics.
Another popular cryptocurrency analyst, Michaël van de Poppe, recently suggested that DOGE could experience a significant rally similar to the one seen by XRP earlier this month. XRP’s price rose over 65% following a federal judge’s ruling in New York that determined it is “not necessarily a security on its face.”
Overall, Altcoin Sherpa’s prediction of a 600% increase in DOGE’s value highlights their optimism for the meme-inspired cryptocurrency. However, they acknowledge that this growth may take time to materialize and that DOGE may face competition from other memecoins. Investors will need to carefully consider the potential risks and opportunities in the cryptocurrency market.