Crypto analyst Trader Tardigrade highlighted the similarities between Dogecoin’s price action and what was witnessed in 2020. The analyst went on to reveal what happened last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin Price Sees Bi-Monthly Increase in 2020 Levels
In the X post, Trader Tardigrade revealed that the price of Dogecoin is twice a month RSI (Relative Strength Index) rose to levels last seen in 2020. The analyst also noted that this was happening just before the big bull run. In line with this, he predicts that the three two-month candles will be big for Dogecoin.
The accompanying chart with the analyst showed that large candlesticks follow when the price of Dogecoin RSI rises to these levels in 2020. This eventually paved the way for Dogecoin to reach its current level. all time high (ATH) cost 0.73 $. Interestingly, Trader Tardigrade’s chart showed that the price of Dogecoin could rise to $44 this time.
Such a parabolic movement will occur if the price of Dogecoin repeats its profit of more than 26,000% in 2021 bull run. Alongside Trader Tardigrade, other crypto analysts have also given ultra-bullish predictions for the price of Dogecoin this week.
Crypto analyst Ali Martinez said that Dogecoin price can go as high as $23 in this market cycle. He explained that this could happen if DOGE could meet the levels of 1.1618 or even 2.272 Fibonacci. The analyst also suggested that the world’s richest man, Elon Musk, could be involved in this price rally.
Crypto analyst Olivier also predicted that the price of Dogecoin could rise to $32 in this bull run. The analyst is sure that this parabolic meeting is possible as there are predictions that say Bitcoin price can increased to $1 million.
Growth Potential of DOGE Compared to Bitcoin
Crypto analyst Master Kenobi recently analyzed the growth potential of Dogecoin price compared to Bitcoin. In X’s post, the analyst noted that Bitcoin has already gained 5x since the bottom of the market, while Dogecoin has only managed 4x so far. He also noted that the market cap of BTC is $1.5 trillion, while DOGE is $29 billion, which is a 51x difference between these market caps.
After making these points, Master Kenobi highlighted the growth potential of Dogecoin’s price. He said that the market cap of Dogecoin could increase 10x from this point and rise to $290 billion, which would put the price of DOGE at $2. Meanwhile, he predicts that The price of Bitcoin it will rise to $150,000 only 2 times from this point, and achieve a market cap of $3 trillion.
At the time of writing, the price of Dogecoin is trading at around $0.2, up more than 3% in the last 24 hours, according to the report. the data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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