In the latest market analysis, renowned crypto analyst Trader Tardigrade has made a bold prediction about Dogecoin's price.
Cryptocurrency market movements are notoriously difficult to predict, but that hasn’t stopped several analysts from sharing their bold predictions for Dogecoin’s future price. Here's a closer look at some of these predictions and the technical analysis behind them.
Renowned crypto analyst Trader Tardigrade has made a bullish prediction for Dogecoin, suggesting that the cryptocurrency could see a massive price explosion as it enters the final phase of its current bull run. According to the analyst, DOGE could still go as high as $5.
Trader Tardigrade's analysis is based on a combination of technical indicators, including the Chande Momentum Oscillator (ChandeMO). The analyst notes that DOGE is just starting to build bullish momentum, indicating that a parabolic rally could be on the horizon. In fact, the analyst pointed out that Dogecoin could even rise beyond $5 and potentially hit $9 if the momentum continues to build, matching the explosive trends seen in previous bull cycles.
The chart shared by Trader Tardigrade reveals a clear bullish pattern forming, aligning with previous cycles. Specifically, Dogecoin's price has been showing similarities to the 2018-2020 market cycle, with technical indicators signaling a forthcoming surge. The expert highlighted that DOGE has been closely following the 50-period Arnaud Legoux Moving Average (ALMA), a key technical indicator that has historically signaled the start of strong rallies.
In earlier analyses, Tardigrade also suggested that if Dogecoin follows the same trajectory as its 2021 bull run, it could soar to $30. The analyst further stated that a potential rally resembling the 2017 bull run could push DOGE to $8.7, indicating that there’s still significant potential for growth in the coming months.
Another prominent analyst, Kevin Capital, pointed out that Dogecoin has officially closed above the macro .786 Fibonacci level. This is a crucial point in technical analysis, as it suggests the possibility of further upside movement. According to Kevin Capital’s analysis, Dogecoin could target a major resistance level at $0.48, which lines up with the next key Fibonacci level to watch. A successful break and follow-through above this zone could trigger a rally toward the macro golden pocket, signaling the start of a bullish continuation that could propel DOGE higher in the coming weeks.
Meanwhile, another well-known analyst, Titan of Crypto, has pointed out a symmetrical triangle forming in Dogecoin’s price chart. This pattern typically signals a breakout, and Titan of Crypto believes that DOGE could surge to $0.66 once it breaks through the triangle. With bullish momentum continuing to build, Dogecoin's upside potential remains in focus for many traders and investors.
At the time of writing, Dogecoin's price is trading at approximately $0.40, indicating a slight 4% decrease in the last 24 hours according to data from CoinMarketCap. Despite this recent dip, analysts remain optimistic about the cryptocurrency’s long-term trajectory, with several key resistance levels yet to be tested.
While some traders may be skeptical, given the inherent volatility of cryptocurrencies, and the fact that several analysts have made bold and ultimately incorrect price predictions in the past, the growing number of bullish signals and the potential for a massive breakout have many market participants watching Dogecoin closely, anticipating its next big move.
